#MarketSentimentToday

US stocks extend losses, led by the Nasdaq

Anxiety around Powell's speech tomorrow has crept into equity markets, particularly in light of the comments from the Fed's Schmid earlier today. He indicated that the Fed had time to evaluate before cutting rates and that was seen as a hawkish view.

But I just watched the full interview and it's not as hawkish as the headlines read. He said he was sympathetic to moving before inflation reached 2% and didn't make a hawkish push.

I understand the worry about Powell and pricing in aggressive rate cuts. There is also some anxiety about the August 28 earnings report from NVDA, which could upend the whole AI trade if there's one hint of weakness.

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