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Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts.

The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow. The S&P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss.

While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%.

Today's show features:
Bloomberg Surveillance Co-Host Tom Keene on the opening of the 2025 Jackson Hole Economic Symposium
Alli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, on the market outlook for the rest of 2025 amid geopolitical uncertainty
Oliver Friesen, CEO at Guardian Metal Resources, the global critical-mineral supply chain
Bloomberg Intelligence Senior Retail Staples & Packaged Food Analyst Jennifer Bartashus and Bloomberg News Consumer Reporter Jeannette Neumann on some of the week’s key retail earnings and the state of the American consumer

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>. Caution prevailed on Wall Street ahead of Jerome Powell&rsquo;s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts. The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn&rsquo;t support easing if officials had to decide tomorrow. The S&amp;P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss. While data showed an increase in jobless claims &mdash; adding to signs of a slowing labor market &mdash; the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%. Today's show features:
<ul>
<li>Bloomberg Surveillance Co-Host Tom Keene on the opening of the 2025 Jackson Hole Economic Symposium</li>
<li>Alli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, on the market outlook for the rest of 2025 amid geopolitical uncertainty</li>
<li>Oliver Friesen, CEO at Guardian Metal Resources, the global critical-mineral supply chain</li>
<li>Bloomberg Intelligence Senior Retail Staples &amp; Packaged Food Analyst Jennifer Bartashus and Bloomberg News Consumer Reporter Jeannette Neumann on some of the week&rsquo;s key retail earnings and the state of the American consumer</li>
</ul>

Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy.  Watch us LIVE on YouTube: http://bit.ly/3vTiACF.

Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy.&nbsp; Watch us LIVE on YouTube: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.

Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

Bloomberg Businessweek

Stock Slip Before Powell as Yields Rise

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