Wall Street Wavers: Investors Await Fed Clues Amid Retail Hurdles
Investor caution dominated Wall Street, awaiting monetary policy signals from the Federal Reserve, while Walmart's mixed earnings report pressured markets. Attention is on the Fed's annual symposium and rate cut possibilities as tariff impacts and labor market data highlight economic uncertainties.
Wall Street endured a day of caution as major indexes dipped on Thursday, driven by investor anxiety ahead of a pivotal Federal Reserve conference in Jackson Hole. Retail giant Walmart's quarterly report, which included updated fiscal year sales and profit guidance, failed to uplift market sentiment.
Walmart's shares fell 3.4%, adding pressure to the consumer staples sector, which saw a 0.9% decline. Retail reports from companies like Target and Home Depot underscored lingering investor concerns over the impact of U.S. tariffs on consumer spending, amid broader economic uncertainties.
The Federal Reserve's annual symposium has become the focal point for investors, eagerly anticipating Chair Jerome Powell's speech for clues on possible September interest rate cuts. Traders have tempered their rate cut expectations due to recent labor market and business activity shifts.
(With inputs from agencies.)
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