All three of the major US indices lost ground in trading yesterday as investors trimmed positions ahead of a key update from the Fed Chair later today. Tech shares once again led the way as the Nasdaq lost over 1% while Treasury yields, and the dollar bounced after experiencing one-way downside traffic for most of the week.
Oil and Gold prices similarly reversed this week’s moves with Oil arresting a 5-day slide to gain back some lost ground and Gold falling back off recent historic levels.
It is all about central bankers today with the major focus on Fed Chair Jerome Powell when he speaks in Jackson Hole, however we do hear from some other major players as well, with BOJ Governor Kazuo Ueda speaking in the Asian session and BOE Governor Andrew Bailey also talking from Jackson Hole.
| Market | Change | Close |
| Dow | -0.45% | 40,712 |
| S&P | -0.63% | 5,570 |
| Nasdaq | -1.13% | 17,619 |
| USD | +0.4% | 101.51 |
| US Treasury – 2 Year | +7.7 bps | 3.999% |
| US Treasury – 10 Year | +8 bps | 3.856% |
| Oil – Brent | +1.83% | $77.44 |
| Oil – WTI | +1.86% | $73.27 |
| Gold | -1.2% | $2,482 |
Today’s Events (AEST):
Asian Session
- 2.00 pm – Japan – Bank of Japan Governor Kazuo Ueda Speaks
US Session
- 10.30 pm – Canada – Retail Sales Data
- 12.00 am – US – Fed Chair Jerome Powell Speaks
- 1.00 am – UK – Bank of England Governor Andrew Bailey Speaks
