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U.S. stocks fall on inflation concerns
U.S. stocks temporarily declined due to rising inflation concerns following statements from Federal Reserve Chair Jerome Powell, but it is still expected that the S&P 500 and Nasdaq will record weekly gains of less than 1%, while the Dow Jones approaches a nearly 1% gain. Powell emphasized that additional efforts are needed to clearly and quickly bring inflation down to the 2% target, which increased expectations of resuming interest rate hikes at the September meeting. The probability of a rate increase rose to 57% from 35.4% just a day earlier. The bond market also saw short-term yields rise amid stable long-term yields. Meanwhile, shares of companies like Gap advanced after quarterly earnings, whereas technology stocks such as Marvell declined due to weak outlooks.
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