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Wall Street Extends Slide as India Stocks Rise on GST Hopes, With Markets Poised for Powell

Traders await Jerome Powell's Jackson Hole speech for guidance on possible September rate cuts.

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Overview

  • The S&P 500 fell 0.4% for a fifth straight decline, the Dow lost 152 points and the Nasdaq slipped 0.7% as caution persisted into the close.
  • Walmart dropped around 4%–4.5% after reporting adjusted earnings below forecasts, weighing on consumer staples.
  • Tech signals stayed fragile, with the Nasdaq oscillating around its 200‑hour moving average as short‑term momentum favored sellers.
  • In Mumbai, the Sensex finished at 82,000.71 and the Nifty at 25,083.75, extending a six‑day advance on optimism over a GoM push to two GST slabs of 5% and 18%, though mid and small caps lagged.
  • Exchange and brokerage shares weakened in India, with BSE down nearly 7% intraday after SEBI's chairman said longer‑tenure equity derivatives are under consideration.