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Stocks Broadly Lower Following Fed Chair Speech

Stocks ended the day broadly lower following Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium. In his first major speech since taking the chair in May, Warsh warned that inflation has not meaningfully slowed, signaling that policymakers may have "work to do" to bring inflation back down to the Fed's 2% target.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Advent and Stripe are no longer pursuing a $50B deal for PayPal,Marvellreportedand provided guidance for Q3Gapprovided a "beat and raise" report for Q2Element Solutionsand Solstice Advanced Materialsmutually agreed toGE Vernovanamed Rivian's2. WALL STREET CALLS:Modernato Buy at Argus after FDA approval for updated Covid vaccinesWorkdayto Equalweight at Capital OneTeraWulfwith an Outperform at William BlairEvolution Petroleumto Outperform at NorthlandAllstateto Hold at Argus3. AROUND THE WEB:The U.S. appeals court sided with Nevada regulators, allowing the state to treat sports prediction markets like unlicensed sportsbooks, while sending Kalshi's election contracts back for further consideration, Bloomberg Law reportsChevronappears positioned to invest billions of dollars and expand its Venezuela footprint, while Halliburtoncould benefit from increased oilfield services activity, WSJ reportsAnthropic discussed buying AI chip startup MatX for about $7B, but talks are no longer active, Reuters saysKimberly-Clarkhas asked EU regulators permission for its proposed $40B takeover of Kenvue, Reuters reportsSoftBankis in talks to buy a majority stake in humanoid robot maker 1X at a $6B valuation, The Information says4. MOVERS:Elasticadvanced after, providing guidance for Q2, and raising its outlook for FY27PagerDutygained afterand raising its guidance for FY27N-ablewas higher after announcing a $50M increase to itsRubrikfell afterand raising its guidance for FY27BioNTechwas lower in New York after announcing it will terminate its5. EARNINGS/GUIDANCE:Chase, with EPS beating consensusFiscalNoteprovidedMiniso, with CEO Guofu Ye "pleased to see that MINISO Chinese mainland delivered a standout performance"Koss Corp., with EPS and revenue higher year-over-yearAffirmand provided guidance for Q1 and FY27INDEXES:The Dow fell 9.45, or 0.02%, to 53,559.99, the Nasdaq lost 138.93, or 0.52%, to 26,402.42, and the S&P 500 declined 19.23, or 0.25%, to 7,711.76.

Major Averages Rise After Fed Chair's Speech

The major averages were higher near noon after Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium. In his first major speech since taking the chair in May, Warsh warned that inflation has not meaningfully slowed, signaling that policymakers may have "work to do" to bring inflation back down to the Fed's 2% target.The Treasury market remains a risk as long-term yields have risen sharply in recent weeks, with the 30-year yield near levels last seen in 2007. Treasury Secretary Scott Bessent's expanded bond-buyback program has attempted to ease pressure at the long end of the curve, but investors remain concerned about inflation, government borrowing and the fiscal outlook.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Advent and Stripe are no longer pursuing a $50B deal for PayPal,Marvellreportedand provided guidance for Q3Gapprovided afor Q2Element Solutionsand Solstice Advanced Materialsmutually agreed toGE Vernovanamed Rivian's2. WALL STREET CALLS:Modernato Buy at Argus after FDA approval for updated Covid vaccinesWorkdayto Equalweight at Capital OneTeraWulfwith an Outperform at William BlairEvolution Petroleumto Outperform at NorthlandAllstateto Hold at Argus3. AROUND THE WEB:Chevronappears positioned to invest billions of dollars and expand its Venezuela footprint, with a potential addition of two heavy-oil fields, while Halliburtoncould benefit from increased oilfield services activity, WSJ reportsAnthropic discussed buying AI chip startup MatX for about $7B, but talks are no longer active, Reuters saysKimberly-Clarkhas asked EU regulators permission for its proposed $40B takeover of Kenvue, Reuters reportsSoftBankis in talks to buy a majority stake in humanoid robot maker 1X at a $6B valuation, The Information saysYouTubeand TikTok are yet to publicly acknowledge Meta'sproposed changes under its AG settlement, NY Times reports4. MOVERS:Elasticincreases after, providing guidance for Q2, and raising its outlook for FY27PagerDutygains afterand raising its guidance for FY27N-ablehigher after announcing a $50M increase to itsRubrikfalls afterand raising its guidance for FY27BioNTechlower in New York after announcing it will terminate itsof a cancer vaccine5. EARNINGS/GUIDANCE:Chasewith EPS beating consensusFiscalNoteMiniso, with CEO Guofu Ye "pleased to see that MINISO Chinese mainland delivered a standout performance"Koss Corp., with EPS and revenue higher year-over-yearAffirmand provided guidance for Q1 and FY27INDEXES:Near midday, the Dow was up 94.13, or 0.18%, to 53,663.57, the Nasdaq was up 51.28, or 0.19%, to 26,592.63, and the S&P 500 was up 16.06, or 0.21%, to 7,747.05.

Major Averages Broadly Lower as Bond Market Pressure Increases

The major averages were broadly lower as investors assess renewed pressure in the bond market and higher oil prices.The 30-year Treasury yield has climbed back above 5.2%, near its highest level in roughly two decades, as investors worry about rising government debt and persistent inflation pressures. The Treasury moved to double its purchases of longer-dated government bonds, helping yields pull back from their recent highs, although the move does not address the underlying fiscal concerns driving the selloff.Oil is adding to the inflation concerns, with Brent crude rising for a fifth consecutive session as tensions surrounding Iran and the Strait of Hormuz remain unresolved. President Donald Trump vowed "economic warfare" on Iran and penalties for its supporters, as the United Arab Emirates reported it was ceasing trade with Tehran.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Walmartprovided areport for Q2Alibabareportedbut upbeat revenueDeerereportedand narrowed its FY26 net income guidancePresident Donald Trump asked Congress to pass the Clarity Act, arguing the legislation is a top priority for the industry and is critical to keeping the U.S.'s edge in emerging technologies,Anthropic anticipates matching or even surpassing the size of SpaceX'srecord-setting IPO as plans for the AI firm's public debt pick up speed,2. WALL STREET CALLS:BofAEtsyto Buy from NeutralSeaport ResearchAnalog Devicesto Buy from NeutralRBCMerckon 'unprecedented valuation' after vaccine dataAllstateto Underperform from Market Perform at Keefe BruyetteCitiCactusto Neutral on valuation after rally3. AROUND THE WEB:The NFL's Atlanta Falcons are in talks to sell a 10% interest in the team to KKR'sArctos Partners, Bloomberg reportsVirtu Financialis considering a sale of its agency brokerage and technology division, Bloomberg saysYouTubeis offering millions of dollars to popular channels on its platform if they upload videos exclusively to the site for a period of time, Bloomberg reportsOpenAI CFO Sara Friar told employees that the AI lab "will be a public company in 2027," CNBC reportsAustralia recently passed legislation that would force tech giants, including Meta, Google, TikTok, and Microsoft'sLinkedIn, to pay millions if they don't enter commercial deals with local media outlets for news on their platforms, Reuters reports4. MOVERS:Bitdeerincreased in New York after Barclayscoverage of the stock with an Overweight ratingAndersen Groupgained after announcing aWebullwas higher after, with EPS higher year-over-yearCotyfell after RBC Capitalthe stock to Sector Perform following Q4 resultsFluence Energywas lower after GLJ Researchthe stock to Hold5. EARNINGS/GUIDANCE:Advance Auto Partsand raised its outlook for FY26LSI Industries, with EPS and revenue beating consensusTicketplus, with EPS and revenue higher year-over-yearNetEase, with EPS missing consensusNavios Maritime Partners, with EPS and revenue beating consensusINDEXES:The Dow fell 703.84, or 1.32%, to 52,759.21, the Nasdaq lost 263.92, or 1.00%, to 26,067.17, and the S&P 500 declined 66.82, or 0.87%, to 7,641.16.