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Wall Street Gains on Chips and Bonds
The U.S. markets experienced a slight increase in the Standard & Poor's 500 and Dow Jones indices, along with a second consecutive decline in Treasury yields, as the yield on the 10-year U.S. Treasury bond fell to 4.658%. Technology stocks, especially those involved in chip manufacturing, rose, led by Nvidia, which resumed its upward trend after seven consecutive sessions of decline. Meanwhile, shares of consumer goods and retail companies were adversely affected, with Dicks Sporting Goods plunging over 29% following weak earnings, amid declining investor confidence due to worse-than-expected consumer sentiment data and the escalation of the trade dispute between the United States and Canada. Investors are awaiting GDP and personal consumption expenditure inflation data, with market movements expected to hinge on Fed Chair Jerome Powell's speech at the Jackson Hole event.
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