Wall Street closed this Friday in the red due to fears of a short-term interest rate hike in the United States to curb inflation, but it shows gains for the week.
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At the close of the session, the Dow Jones fell 0.02%, to 53,559 points; the selective S&P 500 dropped 0.25%, to 7,711; and the Nasdaq cut 0.52%, to 26,402. For the week, the Dow gained 0.5%, the S&P 500 0.5%, and the Nasdaq 0.9%.
The president of the Federal Reserve, Kevin Warsh, expressed his concern today about the course of inflation in the U.S. in his first speech as head of the central bank at the Jackson Hole symposium (Wyoming).
Warsh said there is “work to be done” to bring inflation to the 2% target, after which the FedWatch tool recorded an increase in expectations of a rate hike at the September meeting.
He also advocated for greater discretion in communications to avoid market reactions and reiterated his intention to eliminate forward guidance on interest rate evolution for similar reasons.
In the debt market, which has been in the spotlight recently, the yield on the 10-year Treasury bond rose to 4.726%, while the 30-year bond yield climbed to 5.21%.
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During the week, investors have followed the stalemate in peace negotiations between the U.S. and Iran, which leads to an economic campaign with sanctions on those who trade with the Islamic Republic.
West Texas Intermediate (WTI) crude closes the week at $83.40 per barrel, a cumulative loss of 4%. In other markets, gold fell to $4,509 an ounce, and silver to $66.44 an ounce amid greater risk appetite.
On the corporate front, AI leader Nvidia has been one of the protagonists after reporting another quarter of growth thanks to demand for AI chips and data centers. Nvidia started the day with an 8% rise that moderated, ending the week with a 1.1% increase.
Salesforce also surprised positively with its results and a collaboration with Anthropic, rising 22% weekly. Other tech companies that have reported earnings but failed to impress include PayPal, down 12.9% weekly, and Marvell, down 10.2%.
By sector, technology is one of the biggest beneficiaries of the week, with a 3% rise, driven by software companies, which rose more than 6%, according to data from Fidelity.
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