U.S. Markets Decline Ahead of Powell's Jackson Hole Speech; Walmart Shares Fall on Earnings Miss

U.S. stock indices declined on Thursday as investors awaited Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole Economic Policy Symposium. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each fell by 0.4%, with the S&P 500 extending its losing streak to five sessions.

Market participants are closely monitoring the symposium, where Powell is expected to provide insights into the Fed's monetary policy direction amid mixed economic signals. Recent data showed a stronger-than-expected manufacturing sector, complicating expectations for potential rate cuts.

In corporate news, Walmart shares declined over 4% after the retailer reported weaker-than-expected earnings. The company cited increased costs from insurance claims, legal expenses, and restructuring efforts as factors impacting its financial performance.

Technology stocks also faced pressure, with Amazon, Meta Platforms, and Broadcom each falling about 1%. Nvidia, Apple, and Tesla also lost ground, while Microsoft and Alphabet saw slight gains.

Bitcoin traded at approximately $112,100, down from an overnight high of $114,800. The digital currency has been volatile, recently reaching a record high of $124,500 before retreating.

The yield on the 10-year Treasury note rose to 4.33% from 4.30% at the previous close, reflecting investor caution ahead of Powell's remarks. The U.S. dollar index increased by 0.45% to 98.65.

West Texas Intermediate crude oil futures rose 1.2% to $63.45 per barrel, marking a second consecutive day of gains after recent declines. Gold futures remained steady at around $3,385 an ounce.