Tech Leads Wall Street Lower as Warsh Warns Fed Has 'Work to Do' on Inflation
Hyperdash NewsMacroUS stocks edged lower Friday as tech shares slid and traders raised bets on a September rate move after Kevin Warsh warned at Jackson Hole that the Fed still has work to do on inflation. The S&P 500 fell -0.25% to 7,712.
Scoreboard
- S&P 500 7,712 (-0.25%)
- Euro Stoxx 50 6,486 (+0.95%)
- Nikkei 225 66,406 (+0.41%)
- Gold 4,507 (-3.36%)
- WTI 83.36 (-0.20%)
- US 10Y 4.726% (+5bp)
- DXY 99.6610 (+0.51%)
- Bitcoin 77,570 (-2.93%)
- VIX 14.39 (-0.83%)
- DE 10Y 3.292% (-1bp)
Warsh's inflation warning drove the session, lifting rate-hike odds and pushing the two-year Treasury yield higher as traders repriced the near-term path. The Nasdaq fell -0.52% to 26,402, with Marvell tumbling on a weak outlook among the day's notable tech decliners. The US 10-year yield rose +5bp to 4.726%, and the dollar firmed, with the DXY up +0.51% to 99.6610. The yen weakened past a closely watched level against the dollar, erasing half its intervention gains. In Europe, the Euro Stoxx 50 rose +0.95% to 6,486.
Key headlines
- Tech Stocks Slide as September Rate Hike Odds Increase
- Yen Weakens Past 160 Per Dollar, Erasing Half of Intervention Gains
- Major Indices Show Significant Market-on-Close Imbalances
- Kevin Warsh gets what every Fed chair hopes for: A bond market that trust his words
The takeaway
The move was concentrated in rates and tech, not breadth. The two-year yield jumped on the repricing of September odds while the VIX fell to a year-to-date low, a divergence showing traders repriced the Fed path without pricing broader equity stress.
Next week brings fresh data that will test the September pricing set off by Warsh's Jackson Hole remarks. Traders will watch upcoming inflation and labor readings for confirmation. A federal appeals court ruling against prediction markets sets up a likely Supreme Court fight, and the yen's slide past a key level keeps intervention risk in view.
View the S&P 500 chart and data on Hyperdash
Frequently asked questions: August 28, 2026
What happened in the markets today?
US stocks edged lower, led by tech, after Fed candidate Kevin Warsh warned the central bank still has work to do on inflation. The S&P 500 fell -0.25% to 7,712 and the Nasdaq fell -0.52% to 26,402.
Did the stock market go up or down today?
Down. The S&P 500 fell -0.25% to 7,712 and the Nasdaq fell -0.52% to 26,402, while European stocks rose, with the Euro Stoxx 50 up +0.95%.
Why did markets move today?
Warsh's warning at Jackson Hole that the Fed has work to do on inflation lifted September rate-hike odds, pressuring tech shares and pushing Treasury yields higher, with the two-year yield jumping.
How did the S&P 500 do today?
The S&P 500 fell -0.25% to 7,712, dragged by tech shares as traders repriced the near-term Fed path following Warsh's inflation remarks.
What did the dollar and Treasury yields do today?
The dollar firmed, with the DXY up +0.51% to 99.6610, and the US 10-year Treasury yield rose +5bp to 4.726%, while the two-year yield jumped on rate-hike repricing.
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