Traders work on the floor of the New York Stock Exchange during morning trading on August 12, 2024 in New York City. Michael M. Santiago | Getty Images News | Getty Images This report is from today's CNBC Daily Open, our international markets newsletter.
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here . What you need to know today Sharp decline Wall Street fell ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole, Wyoming.
The S&P 500 dropped 0.89% after coming within striking distance of its all-time high. The Dow Jones Industrial Average slid 0.
43% and the Nasdaq Composite lost 1.67%. All three indexes had traded higher during the session.
The yield on the 10-year Treasury climbed nearly 9 basis points to 3.862%, while U.S.
oil prices rose 1.42% after erasing most of their 2024 gains. September rate cut Philadelphia Fed President Patrick Harker endorsed an interest rate cut for September during an interview with CNBC at the Fed's Jackson Hole retreat.
His comments follow minutes from the central bank's last meeting indicating growing confidence in inflation trends and concerns about labor market weakness. "I think it means this September we need to start a process of moving rates down," Harker said, adding the Fed should ease "methodically and signal well in advance." Harker is undecided between a 25 or 50 basis point reduction.
CNBC's Jeff Cox has more on what.