Stocks Bounce Back as Fed Official Says Rate Hike Is Not a Sure Thing

TLDR

• The Dow, S&P 500, and Nasdaq all rose Wednesday after losing ground earlier in the session
• New York Fed President John Williams said there are “no clear signs” a September rate hike is needed
• Oil prices steadied near $95 a barrel for Brent crude as the Iran conflict continues
• ADP data showed the US private sector added only 38,000 jobs in August, below the 47,000 estimate
• The 10-year Treasury yield held at 4.79%, its highest level since 2023

US stocks bounced back on Wednesday as oil prices paused their climb and a Federal Reserve official lowered expectations for a rate hike in September.

The Dow Jones Industrial Average rose around 0.4%, or about 236 points. The S&P 500 gained 0.49% and the Nasdaq Composite added 0.45%, recovering from losses earlier in the day.

Fed Official Eases Rate Hike Fears

New York Fed President John Williams told CNBC on Wednesday that there were “no clear signs right now” that a rate hike in September would be necessary to bring down inflation.

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