Stock Slip Before Powell as Yields Rise

<p>Watch Bloomberg Businessweek Daily LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.<br /><br />Caution prevailed on Wall Street ahead of Jerome Powell&rsquo;s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts.<br /><br />The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn&rsquo;t support easing if officials had to decide tomorrow. The S&amp;P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss.<br /><br />While data showed an increase in jobless claims &mdash; adding to signs of a slowing labor market &mdash; the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%.<br /><br />Today's show features:</p> <ul> <li>Bloomberg Surveillance Co-Host Tom Keene on the opening of the 2025 Jackson Hole Economic Symposium</li> <li>Alli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, on the market outlook for the rest of 2025 amid geopolitical uncertainty</li> <li>Oliver Friesen, CEO at Guardian Metal Resources, the global critical-mineral supply chain</li> <li>Bloomberg Intelligence Senior Retail Staples &amp; Packaged Food Analyst Jennifer Bartashus and Bloomberg News Consumer Reporter Jeannette Neumann on some of the week&rsquo;s key retail earnings and the state of the American consumer</li> </ul><p>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.</p>