US Stocks Slide as Fed Chair Warns of Firm Interest Rates
The US stock market closed mixed on Friday after Federal Reserve chair Kevin Warsh hinted at maintaining firm interest rates, citing concerns about sticky inflation.
Warsh, who recently replaced Jay Powell in the top seat, echoed his predecessor's position at the Fed's annual Jackson Hole economic symposium in Wyoming. 'Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do,' Warsh said.
The S&P 500 index fell by 19.23 points or 0.25% to close at 7,711.76, while the Dow Jones Industrial Average slipped 9.45 points or just 0.02% to 53,559.99.
Tech stocks took a hit, with the NASDAQ Composite dropping by 138.93 points or 0.52% to finish at 26,402.42. The index remains above its 52-week low but below its peak of 7,816.70.