Stock Market Today: Stocks Trim Losses As Trump Says Powell Can Do What He Wants; Keysight Slides

💡 Stocks trim losses after Trump says Fed Chair Powell has room to maneuver on interest rates.

The stock market trimmed its losses on Thursday after former US President Donald Trump suggested that Federal Reserve Chair Jerome Powell has the flexibility to take action on interest rates. Trump's comments came as investors were digesting a string of economic data that had raised concerns about the pace of inflation.

Stocks Rebound

The Dow Jones Industrial Average ($DJI) pared its losses, while the S&P 500 ($SPX) and the Nasdaq Composite ($IXIC) also rebounded from earlier lows. The VIX, a measure of market volatility, declined by 2.5% after hitting a high of 23.5% earlier in the session.

Keysight Slides

In contrast, semiconductor equipment maker Keysight Technologies ($KEYS) slid 4.5% after the company cut its quarterly revenue guidance, citing weaker demand for its products. Keysight's stock has been under pressure in recent weeks as investors have grown increasingly concerned about the outlook for the semiconductor industry.

Powell Speaks

Fed Chair Jerome Powell is set to speak at a conference in Washington, DC on Friday, where he may provide more insight into the Fed's thinking on interest rates. However, it remains to be seen whether Powell will provide any clues about the timing of the next rate hike.

What It Means for Investors