US Stocks Halt Declines
US stocks were slightly higher on Friday following a tech-led slide this week as markets awaited Federal Reserve Chairman Powell's speech at the Jackson Hole Economic Symposium. The S&P 500 and the Dow were over 0.6% higher, while the Nasdaq 100 only inched higher.
Powell may unveil how the FOMC balances risks of inflation against a slowing labor market, as the downward revisions to payrolls weighed against hot producer prices and cost gauges in PMIs. Tech shares took the spotlight in the corporate front. Alphabet gained 1.5% after agreeing to a $10 billion deal with Meta for cloud computing services.
In the meantime, Nvidia was nearly 2% down after reports indicated the company instructed component suppliers to stop the production of the H20 AI chip, aligned with China's signal that it will shun the company's goods on more strict export restrictions by the US government. Nvidia is due to report results next week, and its guidance is often seen as an indicator of global AI demand.
Sumber: Newsmaker.id