Stocks Stir as Investors Anticipate Powell's Interest Rate Insights

U.S. stocks fell on Tuesday due to anticipation of Federal Reserve Chair Jerome Powell's upcoming speech on interest rates. The Nasdaq dropped over 1% as key tech stocks declined. Analysts await Powell's comments at the Jackson Hole conference, seeking clues on economic and monetary policy direction.

On Tuesday, U.S. stocks took a dip as investors anxiously awaited Federal Reserve Chair Jerome Powell's insights on interest rate directions. Powell's key remarks at the Federal Reserve's annual symposium in Jackson Hole later this week have investors on edge.

The Nasdaq Composite Index slumped over 1% with significant declines in tech giants like Nvidia and Microsoft. This drop marks the index's lowest point in more than two weeks. Financial markets are keenly focused on potential hints from Powell regarding future economic and monetary policies.

Adding to the speculation, Federal Reserve Vice Chair Michelle Bowman, a candidate for Powell's position next year, has expressed support for multiple interest rate cuts. Meanwhile, notable stock movements included Intel's significant rise following SoftBank's capital injection and Medtronic's board changes following investment shifts.

(With inputs from agencies.)