Stocks experienced a decline ahead of Fed Chair Jerome Powell’s upcoming speech at the Jackson Hole Economic Symposium, with the Dow slipping 0.4%, the S&P 500 down 0.9%, and the Nasdaq falling 1.7%. Economic data revealed a rise in initial jobless claims and existing home sales, while Snowflake’s stock dropped 14.7% despite a strong earnings report, and Zoom’s shares surged 13% following a positive quarter. Analysts anticipate Powell’s speech may influence expectations for potential rate cuts in September and November, amid concerns about inflation and economic growth.
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