Warsh's Hawkish Jackson Hole Speech Sends Nasdaq 100 Down 1%
NDX sits 29% above its 52-week low of $22,841.417.
Summary
Fed Chair Kevin Warsh used his first Jackson Hole speech to signal the inflation fight is far from over, pushing money markets to price a 60% chance of a September rate hike, up from 35% before the speech. The Nasdaq 100 slid 1% to 29,359, giving back a chunk of Thursday's Nvidia-led rally. The 2-year Treasury yield jumped 10 basis points to 4.34%, while the 10-year rose 4 basis points to 4.72%, flattening the curve as markets priced tighter policy. Rate-sensitive sectors bore the brunt: gold miners fell 3.2%, clean energy dropped 2.6%, and biotech lost 2.3%. Elastic N.V. (ESTC) was a bright spot, up 17.9% after beating fiscal Q1 estimates and guiding above consensus, making it the top Russell 1000 gainer. The move marks a sharp repricing of Fed expectations and could pressure long-duration tech names further if hike odds continue to climb.
At the time of this announcement, NDX was trading at $29,446.05 on NASDAQ in the Technology sector. The 52-week trading range was $22,841.42 to $30,762.20. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.