Key Facts
• The US dollar rose against major currencies in the New York forex market.
• Federal Reserve Chair Jerome Powell’s speech on the 22nd is highly anticipated.
• Weekly jobless claims increased by 11,000 to 235,000, the largest rise in three months.
• S&P Global’s August PMI hit 55.4, the highest since December 2024.
• 10-year Treasury yield rose 3.4 basis points to 4.329%.
• 2-year Treasury yield increased by 4.8 basis points to 3.792%.
• Dow Jones fell 152.81 points (-0.34%) to 44,785.50.
• Nasdaq dropped 72.55 points (-0.34%) to 21,100.31.
• S&P 500 declined 25.61 points (-0.40%) to 6,370.17.
• Gold futures for December fell $6.9 to $3,381.6.
• WTI crude oil futures for October rose $0.81 to $63.52.
• CME FedWatch shows a 74% probability of a rate cut in September, down from 82% the previous day.
Summary
The New York market on the 21st saw a mixed performance across asset classes. The US dollar strengthened against major currencies, supported by robust economic data, including a rise in the August PMI to 55.4. Treasury yields climbed, with the 10-year yield reaching 4.329%, as expectations for a September rate cut diminished. Stocks fell, with the Dow Jones, Nasdaq, and S&P 500 all closing lower, driven by concerns over Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole Symposium. Gold prices dipped slightly due to profit-taking, while crude oil prices rose amid geopolitical uncertainties surrounding Ukraine. Market participants remain cautious ahead of Powell’s remarks, which could provide further clarity on the Fed’s monetary policy direction.
