The U.S. stock market ended sharply lower on Friday, with the Dow Jones Industrial Average finishing nearly flat at 0.01%, the S&P 500 dropping by 0.13%, and the Nasdaq Composite declining by 0.30%. This movement followed Federal Reserve Chair Kevin Warsh’s hawkish remarks at the Jackson Hole symposium, raising the odds of a September interest rate hike to approximately 50%.
Warsh emphasized the Fed’s commitment to price stability, stating that inflation is still too high and action may be required if price decreases are not observed “clearly and at sufficient speed.” The two-year Treasury yield saw its largest one-day increase since June, rising about 0.1 points. Nvidia experienced a significant decline of 4%, giving back much of its previous day’s 8.4% gains following its earnings report, contributing to a broader downturn in the semiconductor sector, with the iShares Semiconductor ETF falling by 3.3%.
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