The tides are changing on Wall Street thanks to a closely watched market-moving figure: Jerome Powell.
The Federal Reserve chair on Friday pointed to rate cuts on the horizon during his keynote address at the central bank's annual retreat in Jackson Hole, Wyoming.
"The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks."
The Nasdaq Composite outperformed the major indexes, rallying about 1% due to gains in popular artificial intelligence and semiconductor names.
"This keeps a tailwind at the market's back into year-end, making it harder to expect a retest of this month's lows," said David Russell, global head of market strategy at TradeStation.
Persons:
Jerome Powell, Chris Rupkey, Russell, Powell, David Russell
Organizations:
Federal, Nasdaq
Locations:
Jackson Hole , Wyoming, Covid