The United States (US) stock market was steady on Friday after the main average index fell sharply in the previous session, as investors awaited Federal Reserve (Fed) Chairman Jerome Powell's speech at the Jackson Hole symposium that starts today for an indication of the prospect of interest rate cuts.
Powell is widely expected to signal that the Fed will begin easing policy restrictions in September, with limited indication of the frequency and amount of rate cuts.
In regular trading on Thursday, the Dow fell 0.43%, the S&P 500 fell 0.89% and the Nasdaq Composite fell 1.67%.
Eight of the 11 S&P sectors declined, led by technology, consumer discretionary and communications services.
Megacap technology companies led the selling activity, with sharp losses from Nvidia (-3.7%), Tesla (-5.7%) and Microsoft (-2%).
Snowflake also plunged 14.7% after issuing a weak sales outlook.
In extended trade, Cava Group and Ross Stores jumped 9% and 5.6% respectively, on higher revenue.
