"There are hopes that markets can continue to rally. Especially after Federal Reserve Chair Jerome Powell signaled potential interest rate cuts at the September meeting. In fact, as noted by NPR, "Speaking to a gathering of economists and central bankers in Jackson Hole, Wyo., Powell said current economic conditions, including a marked slowdown in job growth, suggest a downward adjustment in the Fed's benchmark rate may be warranted.""
"Intel is running after the U.S. government confirmed it took a 10% stake in the company. "BIG NEWS: The United States of America now owns 10% of Intel, one of our great American technology companies. This historic agreement strengthens U.S. leadership in semiconductors, which will both grow our economy and help secure America's technological edge," said U.S. Commerce Secretary Howard Lutnick on his X account."
Futures pointed to a lower open with the Dow down about 105 points, the S&P 500 down 19 and the Nasdaq down about 87. Markets showed optimism after Federal Reserve Chair Jerome Powell signaled potential interest-rate cuts at the September meeting and noted slower job growth could warrant a downward adjustment in the Fed's benchmark rate. Fed governor Michelle Bowman said rates should be lower following a weaker-than-expected jobs report that added 73,000 jobs in July and revised away 258,000 payrolls for May and June. The U.S. government confirmed a 10% stake in Intel, and Stifel raised Nvidia's price target to $212.
Read at 24/7 Wall St.
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