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10:09Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
Stocks rebounded from session lows after a week-long tech selloff, in the latest sign of febrile Wall Street trading ahead of Jerome Powell’s Jackson Hole speech.
Following a rout that shed billions of dollars from US equity values, buyers emerged in the last stretch of Wall Street trading. A renewed slide in big tech and signs inflation remains the predominant concern of Federal Reserve officials weighed on trading Wednesday.
But at the end of the day, the S&P 500 was down just 0.2%, with most major groups advancing. All megacaps fell, but they also trimmed losses. The Nasdaq 100 closed 0.6% lower after earlier slumping almost 2%.
US stocks are “in the early days” of a bubble, although the critical point for a correction has yet to come, Oaktree Capital Management LP co-founder Howard Marks cautioned.
Treasuries edged up as traders shrugged off the risks of inflation policymakers raised at last month’s Fed meeting mimutes. Swaps showed traders continued to priced in a high probability of lower rates in September.
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