Wall Street closes down as investors brace for Powell's speech

 

Wall Street closed lower as investors braced for potentially hawkish comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. Sentiment was further pressured by fading hopes of near-term rate cuts and Walmart’s weaker-than-expected quarterly results. Traders trimmed bets on a September cut, while consumer staples lagged, led by a sharp drop in Walmart shares.