Business Highlights: A summary of the day’s top stories in the business world.
NEW YORK — Wall Street rallied for its best day since June as pressure on stocks from the bond market relaxed a bit. The S&P 500 rose 1.1% Wednesday, trimming its loss for August. The Dow added 184 points, and the Nasdaq composite climbed 1.6%. Treasury yields eased in the bond market after a report suggested the surprisingly resilient U.S. economy is cooling. Big Tech stocks and others that benefit from easier interest rates led the market. Nvidia climbed 3.
The union representing 340,000 UPS workers says its members voted to approve the tentative contract agreement reached last month. The vote results announced Tuesday put a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide. The Teamsters said that 86% of the votes casts were in favor of ratifying the national contract. Voting on the new five-year contract began Aug. 3 and concluded Tuesday.
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How Nvidia's Jensen Huang may be driving Fed rate-hike expectationsIn the bond market, a surge of AI-related expectations is translating into higher real yields, according to Ben Emons of NewEdge Wealth.
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Stock market today: Asian shares are mixed ahead of Fed Chair speech and Nvidia earningsAsian markets are trading mixed ahead of Fed Chair Jerome Powell’s highly anticipated speech later in the week.
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Fed doves, Fed hawks: US central bankers in their words By ReutersFed doves, Fed hawks: US central bankers in their words
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Europe stocks climb as investors await Nvidia results; German business activity plungesEuropean stock markets opened cautiously higher Wednesday, with attention focused on earnings and central bank comments in the U.S.
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Fed's Barkin: Fed needs to achieve 2% target to ensure its credibilityFederal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the Fed needs to achieve the 2% inflation target to ensure its credibili
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Fed's Barkin: Won't prejudge outcome of Fed's September 19-20 policy meeting'If inflation remains high and demand gives no signal it is likely to drop, that would require tighter monetary policy,' Federal Reserve Bank of Richm
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