- Waller said he would wait for another inflation report before supporting a rate hike, but would favor tightening if price pressures reverse.
- The Dow rose 1.18%, the S&P 500 gained 1.06%, and the Nasdaq advanced 1.40% as falling yields supported technology valuations.
- Nvidia gained 1.8% after announcing its $13 billion acquisition of Hugging Face, while Broadcom fell 2.7% on weaker-than-expected Q4 revenue guidance and Snowflake jumped 16.6% on strong annual revenue projections.
- Investors now focus on the August employment report, with economists expecting 56,000 jobs added and unemployment holding at 4.1%.
Quotes
“I’m willing to sit and wait and be patient to see if the next inflation report also shows it declining. But if it reverses, then you know it’s time to pull the trigger and hike rates.”
“Commentary from Fed Governor Waller (is) providing a broad lift for markets writ large”