Wall Street ends lower as rate hike expectations grow

The hawkish tone from Fed Chair Warsh at the Jackson Hole symposium shifted the central bank's tightening stance toward a September rate increase, with the possibility of another hike before year-end. That outlook sat poorly with traders, pushing US equities into negative territory and hitting the Russell 2000 hardest. The Nasdaq 100 dropped 0.70% and the Nasdaq Composite Index lost 0.50%.

Wall Street finished the session in the red, with small-cap names suffering the steepest losses:

• Dow industrial average: Declined 9.00 points, or 0.02%, to 53,565.35
• S&P 500: Shed 19.23 points, or 0.25%, to 7,711.75
• Nasdaq Composite: Dropped 138.93 points, or 0.52%, to 26,402.42
• Russell 2000: Lost 41.97 points, or 1.39%, to 2,972.37
• Nasdaq 100: Fell 208.13 points, or 0.70%, to 29,433.43

For the trading week:

• Dow industrial average up 0.53%
• S&P 500 up 0.49%
• Nasdaq Composite up 0.85%
• Russell 2000 down -1.50%
• Nasdaq 100 up 0.43%.

Marvell Technology shares plunged 10.28% but remained above the 200-hour moving average at $214.50, while the 100-day moving average sits at $211.28. Holding above those key moving average levels keeps the buyers active, but the stock must hold its ground and climb back above the 100-hour MA at $229.72 to shift the short-term technical bias upward.

Nvidia fell 4.57% to $217.55, retracing some of the 8.74% gain posted the previous day after better-than-expected earnings. For the week, the stock is up 1.32%, though the weekly high of $230.47 fell short of the all-time high of $236.54 despite the stellar results and upbeat forward expectations.