U.S. stocks retreated from earlier highs after Federal Reserve Chair Jerome Powell tempered expectations of a September rate cut, despite a stronger-than-expected second-quarter GDP. While labor market data showed strength, concerns about tariffs, particularly on copper, weighed on the market. Tech giants like Microsoft and Meta saw gains after positive earnings reports, contrasting with declines in the materials sector.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets