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U.S. stocks extended losses toward the end trading, with the Dow Jones dropping more than 700 points on Friday.
Powell said the Federal Reserve’s goal remains getting inflation back down to a goal of 2%. “Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy,” Powell said. “Without price stability, the economy does not work for anyone.”
The Dow traded down 2.22% to 32,551.59 while the NASDAQ fell 3.19% to 12,236.69. The S&P 500 also fell, dropping, 2.57% to 4,091.15.
Also check this: Bitcoin, Ethereum Record Losses Ahead Of Powell's Speech; Here Are The Top Crypto Movers For Friday
Leading and Lagging Sectors
Energy shares fell by just 0.4% on Friday. Meanwhile, top gainers in the sector included Kosmos Energy Ltd. (NYSE:KOS), up 5% and Vertex Energy, Inc. (NASDAQ:VTNR) up 5%.
In trading on Friday, information technology shares dipped by 3.4%.
Top Headline
U.S. personal spending rose 0.1% month-over-month in July, while personal income increased 0.2%. The personal consumption expenditure price index declined 0.1% month-over-month in July after increasing 1% in June.
Equities Trading UP
Equities Trading DOWN
Also check out: Market Volatility Decreases Further As Investors Await Powell Speech
Commodities
In commodity news, oil traded up 0.2% to $92.74, while gold traded down 1.2% to $1,749.90.
Silver traded down 1.9% to $18.75 on Friday while copper fell 0.4% to $3.6860.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 fell 1.68%, London’s FTSE 100 fell 0.70% while Spain’s IBEX 35 Index fell 1.51%. The German DAX declined 2.26%, French CAC 40 fell 1.68% and Italy’s FTSE MIB Index dipped 2.49%.
Loans to households in the Eurozone increased 4.5% year-over-year in July. Italian consumer confidence climbed by 3.5 points to 98.3 in August from 94.8 a month ago, while manufacturing confidence declined by 2.1 points to 104.3 in August.
The consumer confidence index in France rose to 82 in August from 80 in July, while GfK Consumer Climate Indicator for Germany declined to a fresh record low level of -36.5 heading into September.
Economics
Check out this: Investor Sentiment Improves With Powell's Speech In Focus
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 95,844,670 cases with around 1,068,110 deaths. India confirmed a total of at least 44,389,170 cases and 527,550 deaths, while France reported over 34,428,730 COVID-19 cases with 153,800 deaths. In total, there were at least 604,479,650 cases of COVID-19 worldwide with more than 6,483,560 deaths.