Stocks slide ahead of Powell speech [Video]

Sharp declineWall Street fell ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, Wyoming. The S&P 500 dropped 0.89% after coming within striking distance of its all-time high. The Dow Jones Industrial Average slid 0.43% and the Nasdaq Composite lost 1.67%. All three indexes had traded higher during the session. The yield on the 10-year Treasury climbed nearly 9 basis points to 3.862%, while U.S. oil prices rose 1.42% after erasing most of their 2024 gains.

September rate cutPhiladelphia Fed President Patrick Harker endorsed an interest rate cut for Septemberduring an interview with CNBC at the Fed’s Jackson Hole retreat. His comments follow minutes from the central bank’s …