US stocks slipped Friday as Thursday's winners gave back ground. $NVDA down 4.6%, $CRWD off 4.2%. $MRVL beat but guided margins low and punted on long-term outlook.
Fed Chair Warsh at Jackson Hole: inflation matters more than jobs. Economy's strong, AI capex is driving growth, credit's loose, banks are lending, stocks are firm—so why ease? Money markets now pricing ~50% chance of a September hike, up from 36% before the speech. Barclays and SocGen see hikes in September and December.
Dollar up, curve flattened, gold down. Oil flat near $83.40 WTI, $88.10 Brent. Iran rumored open to talks again, but markets shrugged. Treasury expanding sanctions on UAE, Hong Kong entities tied to Iran.
Treasuries bear-flattened hard. 2Y up 11.8 bps to 4.35%, 10Y up 4.8 bps to 4.72%. Short end repriced fast on Warsh's hawkish tone.
Consumer sentiment fell to 51.7, down 6% month-over-month. People expect inflation to outrun income gains. 1-year inflation expectations at 4.0%, 5-year at 3.3%. Policy uncertainty and Iran tensions weigh on gas price outlook.
European markets closed green. Euro Stoxx 50 +0.96%, DAX +0.82%, FTSE +0.29%.
Fed Chair Warsh at Jackson Hole: inflation matters more than jobs. Economy's strong, AI capex is driving growth, credit's loose, banks are lending, stocks are firm—so why ease? Money markets now pricing ~50% chance of a September hike, up from 36% before the speech. Barclays and SocGen see hikes in September and December.
Dollar up, curve flattened, gold down. Oil flat near $83.40 WTI, $88.10 Brent. Iran rumored open to talks again, but markets shrugged. Treasury expanding sanctions on UAE, Hong Kong entities tied to Iran.
Treasuries bear-flattened hard. 2Y up 11.8 bps to 4.35%, 10Y up 4.8 bps to 4.72%. Short end repriced fast on Warsh's hawkish tone.
Consumer sentiment fell to 51.7, down 6% month-over-month. People expect inflation to outrun income gains. 1-year inflation expectations at 4.0%, 5-year at 3.3%. Policy uncertainty and Iran tensions weigh on gas price outlook.
European markets closed green. Euro Stoxx 50 +0.96%, DAX +0.82%, FTSE +0.29%.