"Meanwhile, the Dow Jones Industrial Average touched a new record high midweek before retreating into negative territory by Friday's close. Market attention centered on chipmaker NVIDIA's quarterly earnings. As the world's most valuable company by market capitalization, its results were closely watched as a gauge of the strength behind this year's artificial intelligence-led rally. NVIDIA's earnings topped consensus forecasts, easing recent concerns about overvaluation in the tech sector, though the stock saw some pullback afterward."
"Political developments also weighed on sentiment. President Donald Trump announced the dismissal of Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud. Cook has filed a lawsuit to block the move, raising questions over the independence of the Fed. Meanwhile, Fed Governor Christopher Waller reiterated his call for a 25-basis-point interest rate cut in September and signalled that further cuts could follow over the next six months, citing increased risks to the labour market and slowing economic activity."
U.S. equity markets ended the week mixed, with most major indexes modestly lower as investors entered the long Labour Day holiday weekend. Trading was relatively subdued, while small-cap Russell 2000 posted a third consecutive week of gains and outperformed the S&P 500. The Dow touched a record high midweek but fell into negative territory by Friday. NVIDIA's earnings topped forecasts, easing overvaluation concerns tied to the AI rally, though the stock later pulled back. Political moves involving the dismissal of Fed Governor Lisa Cook and Cook's lawsuit raised questions about Fed independence. Core PCE inflation rose 0.3% in July; consumer spending and income rose modestly, Q2 GDP was revised to 3.3%, and consumer confidence slipped to 97.4.
Read at London Business News | Londonlovesbusiness.com
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