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Global markets update: US stocks slump over 1% ahead of Powell’s speech at Jackson Hole, Nvidia rises


US stocks slumped more than 1% on Thursday ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, Wyoming, on Friday.

The S&P 500 lost 59.7 points, or 1.35%, at 4,376.31. The Dow Jones Industrial Average fell 373.56 points, or 1.08%, at 34,099.42. The Nasdaq Composite dropped 257.06 points, or 1.87%, at 13,463.97.

Central bankers have gathered on Thursday for an annual symposium at Jackson Hole. 

Shares of Nvidia rose as much as 6.7% on Thursday, hitting an all-time high, after the company unveiled a $25 billion stock buyback plan and record quarterly revenue. During the session, the company surged as high as $502.66.

Nvidia closed up 0.12% at $471.74. Its stock is now 223% up year-to-date.

Other chipmakers fell as investors focused on Nvidia. Shares of Marvell Technology and Advanced Micro Devices Inc shed nearly 7%. Intel fell 4.1%.

The yield on the 10-year treasury rose at 4.23% from 4.20% late Wednesday. The 2-year treasury yield rose at 5.01%.


The US dollar rose at 145.86 Japanese yen from 144.80. It fell at $1.0810 from $1.0859 against the euro.


European shares fell on Thursday, with the pan-European STOXX 600 slipping 0.4%.

Britain’s FTSE 100 rose 0.2% at 7,333.63. Germany’s DAX fell 0.7% at 15,621.49. France’s CAC 40 edged down 0.4% at 7,214.46.

The technology sector index closed 2.4% lower after paring gains.

Chipmakers in Europe — Infineon, Siltronic , Swiss-based Temenos, AMS Osram, VAT , Amsterdam-listed ASML Holding and ASM International, and BE Semiconductor all lost between 1.3% and 6.3%.


In Asian markets, Hong Kong’s Hang Seng Index rose 2.1% at 18,212.17. China’s Shanghai Composite: added 0.1% at 3,082.24.

Japan’s Nikkei 225 added 0.9% at 32,287.21. 

Australia’s S&P/ASX 200 index closed 0.5% higher at 7,182.1 points. New Zealand’s benchmark S&P/NZX 50 index fell 0.6% at 11,502.13 points.

Energy prices

The US crude oil benchmark for October delivery rose 16 cents at $79.05 a barrel Thursday. Brent crude for October delivery rose 15 cents at $83.36 a barrel.

Natural gas for September delivery added 2 cents at $2.52 per 1,000 cubic feet.


Gold for December delivery fell $1 at $1,947.10 an ounce. Silver for September delivery lost 16 cents at $24.23 an ounce. 

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Updated: 25 Aug 2023, 02:42 AM IST

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.