Overview
- Major U.S. indexes fell for a third session but stayed near recent records as investors reassessed lofty valuations.
- Powell warned that cutting too aggressively could rekindle inflation and said asset prices look fairly highly valued.
- Official data showed Q2 GDP rebounded at a 3.8% annualized pace and weekly jobless claims dipped to 218,000.
- Traders are focused on Friday’s PCE inflation report after futures pointed to a cautious open and Treasury yields hovered near 4.14%.
- Lithium Americas nearly doubled on reports of a potential U.S. stake tied to a $2.26 billion loan, while Micron slipped despite strong results and Alibaba’s big AI spend lifted China tech shares.