Market Jitters as Jackson Hole Symposium Stokes Uncertainty

Global equities declined on Thursday in anticipation of the Federal Reserve's Jackson Hole symposium. Investors are looking to Fed Chair Jerome Powell's speech for indications on potential rate cuts. Meanwhile, oil prices rose due to strong demand, and market sentiment was impacted by Walmart's weak results.

Global equity markets faced downward pressure on Thursday, as investor nerves tightened ahead of the Federal Reserve's pivotal annual Jackson Hole symposium. With the meeting kicking off on Thursday, market watchers are keen on Federal Reserve Chair Jerome Powell's forthcoming Friday speech to glean any signals about a potential rate cut in September.

Wall Street indices also reflected the cautious sentiment, with the Dow Jones Industrial Average inching down by 0.34% to 44,785.50. The S&P 500 slid 0.40% to 6,370.17, while the Nasdaq Composite fell by 0.34% to 21,100.31. Meanwhile, significant gains in oil futures highlighted robust U.S. demand alongside geopolitical uncertainties regarding the Ukraine conflict.

Market anticipation is reflected in fluctuating rate cut expectations, with the probability of a September rate reduction slightly reduced to 70.4% from 83%, due to recent Fed meeting minutes. Big-box retailer Walmart's disappointing quarterly results further unsettled investors, as broader market dynamics remain influenced by ongoing trade disputes and technology sector anxieties.

(With inputs from agencies.)