Nasdaq Slips 0.5% as Warsh Signals Rate Hikes and Marvell, Iren Tumble
Updated
Updated · moomoo.com · Aug 31
Nasdaq Slips 0.5% as Warsh Signals Rate Hikes and Marvell, Iren Tumble
3 articles · Updated · moomoo.com · Aug 31
Summary
Friday’s selloff left the Nasdaq down 0.5%, the S&P 500 off 0.3% and the Dow lower by 0.02% after investors recoiled from Fed chair Kevin Warsh’s Jackson Hole remarks.
Warsh’s anti-inflation comments were read as pointing to near-term rate hikes, a prospect that typically pressures stocks by making bonds and money-market yields more attractive.
Tech weakness deepened the losses: Iren dropped 12.5% and Marvell fell 10.3% after earnings, dragging down names including Nvidia, IonQ, Lumentum, Applied Optoelectronics and Nebius.
Monday brings no major U.S. economic reports and only SAIC earnings before the bell, but markets will soon face a heavier test from Broadcom, Dell and HPE results plus Friday’s August nonfarm payrolls report.