Fed's Williams reverses rate-hike bets, lifting the S&P 500 to 7,668

After three days of selling, stocks turned up as the New York Fed president said rates are 'in a good place'; weak August jobs data and oil at $91 reinforced the shift

Deepakshi

Kristal Research & Marketing team

3 Sept

Key takeaways — AI summary

The S&P 500 rose 0.48% to 7,668, the Dow gained 0.56%, the Nasdaq 100 added 0.23% to 29,143, and small caps led with a 1.23% advance after three days of losses.
New York Fed President John Williams said rates are 'in a good place' with no clear evidence policy must move, reversing yields across the curve; traders had walked in pricing roughly seven-in-ten odds of a Fed rate hike this month, up from about one-in-three a week earlier.
Private employers added just 38,000 jobs in August versus 47,000 expected, with July revised down to 44,000 — the slowest private hiring since January; job-switcher pay growth slipped to 7.3%.
US crude settled at $91.01, up 79 cents, as US-Iran tensions persisted, while gold rose 1.04% to $4,433 and the yen jumped from 159.58 to 158.21 per dollar on intervention watch.
In earnings, Snowflake surged 20% on 37% product revenue growth and raised guidance, Dell rose 16% on record $47bn revenue and a $95bn backlog, while Credo fell 20% on a 0.3-point margin miss and Broadcom dropped about 4% after-hours despite beating.

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