US stocks end lower; All eyes on Powell’s speech

ISTANBUL

US stocks ended lower ahead of Fed Chairman Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium on Friday.

The Dow Jones Industrial Average fell 0.34%, or 152.81 points, to close at 44,785.50.

The Nasdaq dropped 0.34%, or 72.54 points, to close at 21,100.31, while the S&P 500 slid 0.4%, or 25.61 points, to 6,370.17.

The Volatility Index (VIX), also known as the “fear index,” rose 5.8% to 16.60.

Investors are watching for messages from the Jackson Hole Economic Policy Symposium hosted by the Fed’s Kansas City branch in Wyoming.

Markets will be looking for more clues about the Fed’s future path on interest rates in Powell’s speech on the economic outlook and monetary policy framework.

While other Fed officials’ statements are being monitored ahead of the speech, Cleveland Fed President Beth Hammack said she would not support lowering interest rates if a monetary policy decision were to be made on Friday.

Hammack noted that inflation is on an upward trend, adding there is no reason to lower rates.

On the macroeconomic data front, the number of first-time jobless claims in the US rose to 235,000 in the week ending Aug.16, exceeding market expectations.

The US Manufacturing Purchasing Managers’ Index also came in at 53.3 in August, well above market expectations.

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