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US stock indices ended lower on Friday as chipmakers pared the previous session’s gains and a more hawkish tone from Fed Chair Warsh bolstered expectations of a rate hike next month. The S&P 500 slipped 0.2%, the Nasdaq lost 0.7%, and the Dow edged down.
Marvell dropped 10.3% despite beating earnings forecasts and raising its guidance. The broader chip sector retreated after rallying earlier in the week on Nvidia’s strong results; Nvidia fell 4.6%, Broadcom declined 0.7%, and AMD slid 2.3%.
Large-cap tech “hyperscalers” largely held their ground, with Alphabet up 1.5%, Microsoft gaining 1.7%, Amazon jumping 4%, and Meta advancing 1.2%.
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In his remarks at the Jackson Hole Symposium, Warsh said underlying inflation was not easing and pledged to continue fighting price pressures until they converge with the Fed’s 2% target. His comments led traders to increase bets on a rate hike next month.
Industrial and pharmaceutical names also weakened, with AbbVie down 1% and Lam Research off 5.2%.
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