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President Trump’s ouster of Fed Governor Cook rattled confidence in central bank independence as durable goods orders fell again. Eli Lilly rose on obesity drug trial results and EchoStar soared on a $23B spectrum deal with AT&T.
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(IBB) fell, The FDA announced daily reporting on drug-related adverse events, a move aimed at modernizing surveillance. Still, key holdings like (REGN) and (MRNA) weighed heavily, offsetting positive headlines such as Amgen’s FDA approval.
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Powell's dovish remarks spark market rally and interest rate cut expectations, despite ongoing U.S. economic weakness.
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(XLF) advanced 1.5%, boosted by Fed Chair Powell’s dovish remarks at Jackson Hole, which fueled hopes for rate cuts and improved borrowing conditions. U.S. banks are lobbying for national standards in banking services, signaling a potential shift in sector regulation.
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(XLY) rose almost 3%, closing at $227.08, with bullish momentum fueled by Fed Chair Powell’s dovish signals on rate cuts and strong consumer spending data. Tesla, Amazon, and Home Depot led the gains, with Home Depot also announcing a quarterly dividend.
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(VGT) gained 1.8%, boosted by Fed Chair Powell’s dovish hints on potential rate cuts and a broader market rally. Key holdings NVIDIA, Apple, Microsoft, Broadcom, and Intel posted strong returns, with NVIDIA unveiling new AI tech and Apple addressing security risks.
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Powell's Jackson Hole Speech Sparks Market Speculation Amid Mixed Economic Signals and Global Central Bank Concerns.
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(XLF) fell 0.4% Thursday, mirroring the Dow’s decline. Fed minutes emphasized inflation risks over employment, reinforcing expectations of prolonged higher rates and weighing on financial stocks. Jobless claims hit an eight-week high (235K), adding to concerns.
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(XLY) slid 0.58%, mirroring declines in Staples and REITs as Fed minutes emphasized inflation risks over labor softness. Amazon, Tesla, Home Depot, TJX, and Starbucks dragged on performance, with Amazon under data privacy scrutiny.
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(VGT) fell 0.3% today as Federal Reserve officials signaled rates may stay higher for longer, weighing on tech indices. Apple, Nvidia, and AMD all declined. AMD also faced headwinds after a source code leak despite a new AI partnership with Amazon.
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U.S. Labor Market Slows with Rising Jobless Claims and Negative Manufacturing Index, While Europe Shows Mixed PMI Results Ahead of Powell's Key Speech on Monetary Policy.
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UK inflation rises to 3.8%, impacting Bank of England policy, while Germany sees sharp producer price decline amid mixed Eurozone signals and upcoming Fed insights at Jackson Hole Symposium.
