{"id":53389,"date":"2023-08-26T18:19:29","date_gmt":"2023-08-26T22:19:29","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sp-500-pares-some-gains-after-powell-warns-inflation-still-too-high\/"},"modified":"2023-08-26T18:19:31","modified_gmt":"2023-08-26T22:19:31","slug":"sp-500-pares-some-gains-after-powell-warns-inflation-still-too-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53389","title":{"rendered":"S&#038;P 500 pares some gains after Powell warns inflation still too high"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>Investing.com &#8212; The S&amp;P 500 resumed its uptrend Friday as investors bought the dip in tech that followed a rise in Treasury yields after Federal Reserve chairman Jerome Powell signaled there was still more work to do to curb inflation.<\/p>\n<p>The  rose 0.9% higher, the  gained 0.9%, 313 points,  was up 1.1%.<\/p>\n<h2>Powell leans hawkish to push Treasury yields higher<\/h2>\n<p>In his Jackson Hole  Friday, Powell said \u201crestrictive\u201d monetary policy is called for to achieve the Fed\u2019s 2% inflation target.<\/p>\n<p>Bringing inflation back to target is expected to \u201crequire a period of below trend economic growth as well as some softening and labor market conditions,\u201d the Fed chief added.<\/p>\n<p>Treasury yields surged in anticipation of a higher-for-longer rate regime, with the  Treasury yield briefly rising close to the cycle highs of 5.12%.<\/p>\n<h2>tech regains momentum as dip buyers emerge; Marvell dents chips<\/h2>\n<p>Tech briefly came under pressure from rising Treasury yields, which makes growth sectors like tech with higher valuations less attractive, as Google (NASDAQ:) and Meta (NASDAQ:) cut losses. <\/p>\n<p>Marvell Technology Inc (NASDAQ:) fell 7%, to keep a lid on gains in chips despite reporting quarterly  that topped Wall Street estimates as investors weighed the chipmaker\u2019s foray into AI-centric products against a downbeat outlook on memory demand.<\/p>\n<p>\u201cWe see Marvell&#8217;s cautious commentary on storage (e.g., a slower than expected recovery) as paralleling our conversations regarding continued soft CSP spend on standard servers and the resulting headwinds for NAND\/SSD and HDD demand,\u201d Wedbush said in a note.<\/p>\n<p>NVIDIA Corporation (NASDAQ:), meanwhile, was also a drag on broader tech as investors appear to take some profit on the chipmaker, which has racked up a gain of more than 220% this year, following its recent quarterly results that surprised to the upside.<\/p>\n<h2>Gap shrugs off weaker guidance, Ulta Beauty slumps despite beat and raise quarter<\/h2>\n<p>Gap (NYSE:) rose more than 6%, shrugging off mixed-quarterly  that included weaker second-quarter revenue and third-quarter guidance after falling a cautious outlook on the consumer.<\/p>\n<p>Ulta Beauty Inc (NASDAQ:), meanwhile, fell more than 3% despite lifting its annual guidance and delivering  that beat on the top and bottom lines as some question whether robust demand for beauty products is likely to continue amid a weakening consumer.<\/p>\n<p>While the \u201cstellar\u201d demand for beauty products seen in the first of the year is set to moderate, UBS says, Ulta Beauty will be \u201cstructurally better positioned over the long-term due to its supply chain, operational investments, and more profitable e-commerce business.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/sp-500-pares-some-gains-after-powell-warns-inflation-still-too-high-3161690\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters Investing.com &#8212; The S&amp;P 500 resumed its uptrend Friday as investors bought the dip in tech that followed a rise in Treasury yields after Federal Reserve chairman Jerome Powell signaled there was still more work to do to curb inflation. The rose 0.9% higher, the gained 0.9%, 313 points, was up 1.1%. Powell [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-53389","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P 500 pares some gains after Powell warns inflation still too high | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- The S&amp;P 500 resumed its uptrend Friday as investors bought the dip in tech that followed a rise in Treasury yields after\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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