Stock market today: Stocks end lower as markets brace for Powell's Jackson Hole speech

• Indexes fell Thursday as investors wait for comments from Fed Chair Jerome Powell at Jackson Hole.
• Investors are eager for any indication of how steep cuts will be through the rest of this year.

Indexes ended lower Thursday as investors awaited comments from Federal Reserve Chair Jerome Powell at the Federal Reserve's Jackson Hole conference on Friday.

The S&P 500 and the Dow Jones Industrial Average closed slightly lower, though the Nasdaq Composite logged a bigger drop of 1.6%. Treasury yields spiked, with the 10-year bond yield up eight basis points 3.863%

Investors are eager for any indication of how steep cuts will be, with markets pricing in 100% odds the Fed starts loosening monetary policy at next month's FOMC meeting.

The Fed's July meeting minutes, released Wednesday, said "the vast majority" of officials said a September ease in policy would "likely be appropriate" if economic data continues "to come in about as expected."

According to the CME FedWatch tool, investors see a 25 basis point cut as a near certainty next month, with smaller odds of a 50 basis point cut.

In a note on Thursday, Goldman Sachs analysts said there are still a number of ways Powell could surprise markets, with either a more hawkish or dovish message possible from the Fed chief.

"Possible dovish surprises could include a more concerned take on the labor market or any suggestion that the high level of the fed funds rate is inappropriate in light of the progress made on inflation," David Mericle, a Goldman economist, said.

Markets were also digesting new jobless claims data, which showed applications for unemployment benefits rose slightly, to 232,000. The rise comes on the heels of two weeks of declining claims following the weak July jobs report, which sparked fears of a recession earlier this month.

The report also follows revised jobs data from Wednesday, which showed the US added 818,000 fewer jobs between April 2023 and March 2024 compared to initial reports.

Other data released Thursday showed a 1.3% increase in sales of existing homes in July compared to June. The data, released by the National Association of Realtors on Thursday, falls short of economist estimates of 1.5%, according to a Wall Street Journal survey.

The data showed that the median price of existing homes fell to $422,600 in July, down from a record high of $426,900 in June.

Here's where US indexes stood at the 4 p.m. closing bell on Thursday:

• S&P 500: 5,570.64, down 0.89%
• Dow Jones Industrial Average: 40,712.78, down 0.43% (-177.71 points)
• Nasdaq composite: 17,619.35, down 1.67%

Here's what else happened today:

• A small mining firm just saw its stock surge 91% after it discovered the world's 2nd-largest diamond.
• A small Kansas bank was forced to close last year after its owner sent $47 million to scammers, believing he was investing it in legitimate cryptocurrencies.
• Mongolia won't fund a natural gas pipeline between Russia and China for at least the next four years.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 1.3% to $72.92 a barrel. Brent crude, the international benchmark, rose 1.4% to $77.09 a barrel.
• Gold traded higher at $2,463.30.
• The 10-year Treasury yield was up eight basis points to 3.863%.
• Bitcoin was down 2% to $60,413.