Nasdaq, stocks cap week with gains after Powell's speech

The Nasdaq Composite (^IXIC) leads the way for US stock market indexes (^DJI, ^GSPC) to close Friday's session higher, coming off of Federal Reserve Chair Jerome Powell's remarks about September interest rate cuts in his Jackson Hole Economic Symposium speech from this morning. All three major averages capped the week off in positive territory over the past five trading sessions.

Julie Hyman and Alexandra Canal report on the day's market and sector action in response to future rate cut relief.

Watch Federal Reserve Chair Jerome Powell's full speech here.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

There's the closing bell on Wall Street, and now it is market domination.

Over time, let's see where the major averages ended the session.

We did have a rally here for the major averages, a strong week for all three major averages.

And actually, they finished at the highs of the session as well, up by about 1.1% on the Dow.

That's a game of 462 points.

The S and P 500 up about 1.1% as well, and the NASDAQ the gainer here, beating the others up 1.5%.

I do think it is worth noting that even though the NASDAQ gain the most today, the S and P equal weight also kept pace.

In other words, it wasn't just sort of large cap tech that was towing the the rest of the market along with it today.

It was a broad based gain.

That was, that was, you know that happened because of Jay Powell saying, Indeed, we are gonna start to cut interest rates.

I thought it was really interesting, our Jen Schonberger.

Earlier, Jennifer Schonberger talking to Loretta Mester, former Fed governor and Mester said Powell was clear that this is gonna happen, that he had hinted at it in July, but that this was the confirmation, and that's really what wanted to hear from Jerome Pell.

They wanted him to basically give the green light that rate cuts are coming.

He didn't say how much, but he certainly left the door open for a significant amount of rate cuts.

Markets are pricing at about 100 basis points worth of cuts through the end of the year.

And and if you just look across the sector action, too, I mean real estate financials.

A lot of those sectors that are dependent on the state of interest rates doing well on the heels of this.

And we're going to have to see where that shakes out through the end of the year as these cuts come into play and how the stocks and sectors are impacted by it.

Yeah, definitely.

Well, for today they're impacted Well, right