US stocks rose slightly on Friday after a decline led by the technology sector this week as the market awaited Federal Reserve Chairman Powell's speech at the Jackson Hole Economic Symposium. The S&P 500 and Dow Jones Industrial Average rose more than 0.6%, while the Nasdaq 100 edged up only slightly.
Powell is likely to reveal how the FOMC is balancing inflation risks with a slowing labor market, as downward revisions to payrolls data weighed on high producer prices and cost measures in the PMI. Technology stocks were the highlight of the corporate sector. Alphabet rose 1.5% after agreeing to a $10 billion deal with Meta for cloud computing services.
Meanwhile, Nvidia fell nearly 2% after reports showed the company instructed component suppliers to halt production of its H20 AI chip, in line with China's signal that it would avoid the company's products due to tighter export restrictions by the US government. Nvidia will release its earnings report next week, and its projections are often considered an indicator of global AI demand.
Source: Newsmaker.id
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