Overview

• Wall Street closed lower Thursday, with the Dow and Nasdaq down 0.34% and the S&P 500 off 0.40% as investors stayed cautious before Jerome Powell’s Friday speech.
• Market pricing still leans toward a September rate cut, though confidence has eased after comments like Cleveland Fed President Beth Hammack’s warning that inflation remains too persistent to justify an immediate reduction.
• U.S. data showed August private‑sector activity at its fastest pace since December, weekly jobless claims up to 235,000, and existing‑home sales rebounding in July.
• Large tech stocks continued to retreat, with Apple, Nvidia and Meta lower as investors took profits in high‑valuation names.
• In Europe, the CAC 40 slipped ahead of Jackson Hole as flash PMIs pointed to the eurozone’s fastest growth in 15 months, and Coty shares were suspended after a sharp drop following a $381 million annual loss.