FX.co ★ US Market News Digest for August 22

Markets slide ahead of Powell's testimony

US stock indices ended the session in the red as traders exercised caution ahead of a highly anticipated speech by Federal Reserve Chair Jerome Powell. The S&P 500 fell by 0.4%, while the Nasdaq dropped 0.34%, marking the fifth consecutive day of losses.

Market participants expect Powell's rhetoric to set the tone for market direction in the coming weeks. [More details at the link.]

Rate cut doubts add pressure to the market

Investor confidence in a potential Fed rate cut in September has waned, as stronger business activity data and hawkish comments from FOMC members have weighed heavily on the S&P 500.

The US dollar strengthened, while Walmart shares tumbled 4.5% amid rising operational costs.

Analysts warn that further remarks from the Federal Reserve could trigger stock market volatility. [More details at the link.]

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