Market Jitters: Fed Chair's Speech Looms Over Wall Street

Wall Street's main indexes experienced a decline on Thursday as investor anxiety heightened ahead of potentially impactful statements by Federal Reserve Chair Jerome Powell. Scheduled to speak at the Jackson Hole Economic Policy Symposium, Powell's remarks could challenge market expectations regarding the anticipated interest rate cuts in September.

Investor sentiment was dampened by mixed quarterly results from retail giant Walmart, which surpassed fiscal year forecasts yet missed quarterly profit estimates, highlighting broader economic uncertainties. Analysts note that while August trading volumes are low, they may amplify market reactions to Powell's upcoming comments, driving further volatility.

In addition, mixed data on business activity and housing sales added to the Federal Reserve's complex decision-making landscape. These factors, combined with current sector-specific selloffs, particularly in technology, contributed to market turbulence as traders and strategists closely monitored economic indicators and policy decisions.

(With inputs from agencies.)