US stocks soared on Friday after Fed Chair Powell signaled the possibility of a September rate cut during his Jackson Hole speech, sparking the strongest cross-asset rally since April.
The S&P 500 and Nasdaq climbed 1.5% and 1.9%, respectively, while the Dow Jones surged 846 points to a record intraday high. Speaking at the Fed's annual Jackson Hole Symposium, Powell noted that the shifting balance of risks in the economy "may warrant adjusting our policy stance," while cautioning that inflation pressures remain.
Traders quickly ramped up bets on a 25 bps rate cut in September to roughly 91%. Tech the strength, with Tesla jumping 6.2% and Meta, Alphabet, and Amazon each gaining over 2%, while Nvidia rose 1.7%. Intel shares soared 5.5% after reports the Trump administration plans to take a 10% stake in the chipmaker.
The rally allowed markets to recover from earlier weakness tied to megacap tech, leaving the Dow and S&P 500 with weekly gains and trimming the Nasdaq's losses.
Source: Trading Economi
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