US Stocks Slide as Warsh Reaffirms Inflation Fight
US stocks closed lower on Friday after Federal Reserve Chair Kevin Warsh reaffirmed the central bank's focus on fighting inflation. In his first Jackson Hole speech, Warsh emphasized that without confidence in inflation's decline to the 2% goal, there would be 'more work to do'. This statement increased prospects for a rate hike in September.
The S&P 500 lost 19.23 points, or 0.25%, to 7,711.76 and the Nasdaq Composite lost 138.93 points, or 0.52%, to 26,402.42. The Dow Jones Industrial Average closed 9.45 points, or 0.02% lower to 53,559.99.
Nvidia slipped 4.6% after its blockbuster forecast sparked a rally in chip stocks the previous session. Marvell Technology tumbled 10.3% on doubts over revenue timing from its AI chip agreement with Alphabet's Google.