Wall Street's main indexes rose on Thursday, following a stellar forecast from chip designer Nvidia though caution ahead of Federal Reserve Chair Jerome Powell's speech later this week kept gains in check.
Investors were hoping that Nvidia results would revive a rally in broader stock markets which had stalled recently due to concerns about interest rates staying higher for longer.showed initial claims for state unemployment benefits stood at 230,000 for the week ended Aug. 19, against expectations of 240,000 as polled by Reuters, suggesting a still-tight labor market.
Separate data showed new orders for key U.S.-manufactured capital goods rose modestly in July, suggesting business spending on equipment could continue to grow. The reports came ahead of a speech by Fed Chair Jerome Powell at an annual central bank summit in Jackson Hole on Friday that would offer more clues on the direction for the U.S. interest rates.
"The Jackson Hole last year was not good for markets. So you've got a little bit of a down shift into a wait-and-see mode to ascertain what Powell is going to sound like this year at Jackson Hole," said Hogan. Traders' bet of the central bank holding its interest rate at current levels in the September policy meet was intact at 84.5%.
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