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Wall Street Pumps Brakes on Last Week's Rally: Closing Bell
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August 25, 2025
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10:35Now PlayingWatch comprehensive 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.
A rally that put stocks on the brink of all-time highs sputtered and bond yields rose as euphoria around Federal Reserve rate cuts eased just days ahead of a key inflation reading.
While Jerome Powell on Friday signaled a September rate cut is likely amid downside risks to the jobs market, doubts over the pace of those reductions lingered on Wall Street. In addition to officials remaining divided, traders are bracing for a not-so-friendly price reading later this week.
Policymakers are grappling with inflation that’s still above their 2% goal — and rising — and a labor market that’s showing signs of weakness. That unnerving reality, which pulls policy in opposite directions, is made worse by a high degree of uncertainty about how each of those factors will evolve over the coming months.
The Fed’s preferred gauge of underlying inflation probably ticked higher last month, with the personal consumption expenditures price index excluding food and energy rising 2.9% from a year ago. That would be fastest annual pace in five months.
About 400 shares in the S&P 500 fell, with the gauge dropping 0.4%. Nvidia Corp. climbed ahead of its results while fellow megacap Alphabet Inc. hit an all-time high. The yield on 10-year Treasuries rose three basis points to 4.28%. The dollar gained.
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