The session closed with stocks under persistent pressure, as defensive positioning and tariff volatility dominated the pre-Jackson Hole landscape. The market awaits Fed guidance to shape late-summer direction, while sector rotation and global trade policies continue to steer asset flows. Yes indeed, U.S. equity markets endured another volatile session on Thursday as investors awaited Friday’s pivotal Jackson Hole address by Federal Reserve Chair Powell and digested ongoing tariff and valuation concerns. The S&P 500 slipped another 0.4% to close at 6,370.17, notching its fifth consecutive loss as Big Tech weakness continued to weigh on the broader market. The Dow Jones Industrial Average dropped 0.34% to 44,785.50, retreating from week-to-date gains as late-session selling intensified. The Nasdaq Composite declined 0.34% to 21,100.31, with chipmakers and megacap growth stocks again leading declines. The Russell 2000 outperformed relative to its peers, closing at 2,274.10, +.21%.
Macroeconomic Reports
There were no major U.S. economic data releases Thursday, with the calendar dominated by anticipation of Fed policy signals out of the Jackson Hole Symposium. Recent inflation data showed continued divergence, with the CPI holding steady at 2.7% year-on-year in July while the PPI came in significantly hotter. Investors remain focused on Fed guidance for the remainder of 2025 against a backdrop of moderating consumer sentiment and patchy retail sales.
Federal Reserve, Yield Curve & Interest Rates
Yields across the U.S. Treasury curve remained elevated, with the 2-year rate at 3.794% and the 10-year at 4.33%. The yield curve maintains a notably flat profile, and rate cut expectations for the remainder of the year have softened amid ongoing inflation and tariff anxieties. The FOMC made no new policy announcements, with all eyes on Powell’s Friday remarks for signals about the path of monetary policy as volatility increases.
Tariff and Trade News
The U.S. and European Union finalized a written trade framework announced in July, with the U.S. imposing a 15% tariff on most EU imports including autos, pharmaceuticals, semiconductors, and lumber, but excluding wine and spirits. In return, the EU agreed to eliminate tariffs on U.S. industrial goods and boost access for American agriculture and seafood. Treasury Secretary Bess said tariff revenue under President Trump is expected to surpass $300 billion, with tariff income earmarked for debt reduction instead of consumer rebates. Existing tariff arrangements with China remain unchanged, and market participants are monitoring prospects for further escalation ahead of the November truce deadline.
Corporate Headlines & Share Price Movements
NVIDIA (NVDA, $174.98, -.24%) fell further as sentiment soured on the sector, capping a week of heavy selling following last month’s record run. Analysts noted that, despite short-term volatility, recently raised fair value estimates position the company as a secular winner in the AI arms race.
Tesla (TSLA) finished 1.17% lower at $320.11, tracking weakness in high-growth peers even as analysts reiterated positive outlooks on production and autonomous technology.
Meta Platforms (META) continued its downward trend closing at $739.10, -1.15%, reflecting broad selling pressure in large tech stocks amidst worries over valuation and policy risk.
McDonald’s (MCD) proved resilient rising .04% closing at $313.22, supported by a steady consumer and ongoing buzz around September’s BTS meal partnership.
Intel (INTC) slightly outperformed the tech cohort but still dropped .17% closing at $23.50, retaining recent gains following indications of strategic government investment in domestic chip manufacturing.
Oracle (ORCL) lagged, retreating alongside major tech and cloud peers and closing at $233.16, -.81%, with sentiment dampened by risk-off flows and shifting momentum.
Palantir Technologies (PLTR) closed slighlty up +.11% at $156.18 taking a break from its pullback even as the market rotated away from high-beta AI/analytics equities despite ongoing contract momentum.
Rio Tinto Group (RIO) added 1.12% closing at $61.30 as metals prices stabilized, but global trade and tariff headlines kept the outlook cautious.
Commodities & Cryptocurrencies Closing Prices
- Gold: Closed up .07% $3.383.90/oz with demand steady amid heightened trade tension.
- Silver: Little changed at $38.07/oz.
- Oil (WTI): Closed down .09% at $63.46/barrel as traders weighed the impact of tariffs and shifting global demand.
- Bitcoin: Consolidated just above $112,580 down approximately 3.45% over the last 5-days.
