SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
U.S. stock index futures rose slightly on Tuesday evening after Federal Reserve Chair Jerome Powell’s cautious remarks and disappointing business activity data reignited concerns about economic growth. The modest uptick came after Wall Street’s negative session, where technology stocks led losses following weeks of artificial intelligence-driven gains.
Micron Technology (NASDAQ: MU) delivered stronger-than-expected quarterly results, boosting sentiment in the semiconductor sector. However, the stock gained only marginally in after-hours trading. By 19:20 ET (23:20 GMT), S&P 500 Futures were up 0.1% to 6,718.75, Nasdaq 100 Futures also added 0.1% to 24,849.25, while Dow Jones Futures remained flat at 46,654.0.
Investors remained on edge over a possible U.S. government shutdown as bipartisan negotiations over a spending bill showed little progress, with just over a week before funding runs out.
Powell’s comments further pressured markets. He emphasized that the Fed faces “no risk-free path” in managing inflation and labor market weakness. Speaking in Rhode Island, Powell noted that while U.S. growth has slowed and the labor market cooled, inflation remains above the Fed’s 2% target. He stressed a cautious, data-dependent approach to interest rate cuts, warning against moving too aggressively. The Fed cut rates by 25 basis points last week, with markets still pricing in at least two more cuts in 2025.
His remarks also dampened hopes for further easing, while pointing out that stock valuations appear “fairly highly valued.” This sparked profit-taking in mega-cap tech, with Nvidia dropping 2.8% and Apple sliding 0.6%. Weak September PMI data also raised concerns about slowing growth across manufacturing and services.
The S&P 500 closed down 0.6% at 6,656.96, the Nasdaq Composite fell 1% to 22,573.47, and the Dow slipped 0.2% to 46,292.78.
Markets now await Thursday’s final Q2 GDP data and Friday’s PCE price index, the Fed’s preferred inflation gauge. Both readings are expected to shape expectations for future interest rate decisions.
