Powell hinted at a possible interest rate cut in September, leading to a collective rise in US stocks, with the Dow hitting a new high.

[Golden Finance] Fed Chairman Powell stated at the Jackson Hole annual meeting that although inflation remains a concern, the rising risks in the job market may lead the Fed to cut interest rates in September. The three major U.S. stock indices all closed higher, with the Dow Jones up 1.89%, gaining 1.53% this week; the Nasdaq rose 1.88%, with a cumulative decline of 0.58% this week; the S&P 500 index increased by 1.52%, with a cumulative gain of 0.27% this week. Notably, the Dow hit a new high, and both the Dow and the S&P 500 indices have risen for three consecutive weeks. The KBW Bank Index rose 3.2%, reaching a new high since 2022. Large technology stocks saw widespread gains, with TSL up over 6%, marking the largest single-day increase in two months; Intel rose over 5%, Google and Amazon gained more than 3%, AMD and Meta increased by over 2%, Apple and Nvidia rose over 1%, and Microsoft saw slight gains; Netflix dipped slightly. Opendoor surged over 39%, reaching a new high since August 2023.