22.08.202513:34:53UTC+00US Stocks Halt Declines

U.S. stocks experienced a modest uptick on Friday following a week characterized by declines in the tech sector, as investors eagerly anticipated Federal Reserve Chairman Jerome Powell's address at the Jackson Hole Economic Symposium. Both the S&P 500 and the Dow Jones Industrial Average increased by over 0.6%, while the Nasdaq 100 saw only a slight rise. Market participants are keen to understand how the Federal Open Market Committee is balancing the dual challenges of inflation and a moderating labor market. Recent downward revisions to employment data stand in contrast with elevated producer prices and cost indices from purchasing managers.

On the corporate front, tech equities drew attention. Alphabet's shares rose by 1.5%, following its agreement on a $10 billion contract with Meta for cloud computing services. Conversely, Nvidia's shares fell by nearly 2%, amid reports that the company has instructed its suppliers to cease production of the H20 AI chip. This decision comes in light of indications from China about its intention to boycott Nvidia's products due to stringent export controls imposed by the U.S. government. Nvidia is scheduled to announce its earnings next week, with market anticipation high for its forward-looking statements, regarded as a gauge of the global demand for artificial intelligence.