U.S. stocks fell after Federal Reserve officials cast doubt on further interest-rate cuts and as traders assessed mixed economic data. Treasuries fluctuated. An early advance in the S&P 500 Index began to lose strength after a report showing a contraction in U.S. factory activity offset solid labor-market data. Equities erased gains after Philadelphia Federal Reserve President Patrick Harker told CNBC that he’s “on hold” right now for further monetary easing.
The British pound jumped as comments by French and German leaders stoked optimism about a Brexit deal.
Oil prices are down slightly again traders are unsure of the Federal Reserve is going to do, plus China has been sending mixed signals in regards to trade, China snapped up a small volume of U.S. soybeans last week after pledging to halt purchases of American farm products due to the escalating trade war between Washington and Beijing, U.S. Department of Agriculture data showed on Thursday.
Markets are awaiting on Federal Reserve Chairperson Powell’s comments at the Jackson Hole Conference, it is expected he will provide more clarity as where the Fed is going.