Initial Nvidia-led stock rally runs out of steam as Jackson Hole begins

Stock indices retreat ahead of Fed chair's Jackson Hole speech on Friday, says Axel Rudolph, Senior Market Analyst at online trading platform IG.

Nvidia-led rally runs out of steam

“Thursday's rally in European and U.S. stock indices on the back off much-better-than expected Nvidia Q2 results ran out of puff as investors took money off the table ahead of Jerome Powell's Jackson Hole speech on Friday. In it the Fed Chair is expected to disappoint investors looking for reassurance that U.S. rates have peaked. UK retail sales falling the most in two years and U.S. durable goods orders the most in over three years also put a dampener on stocks."

U.S. dollar rallies back to 2 1/2 month high 

“Despite the U.S. dollar appreciating ahead of the Fed Chair's speech on Friday, the price of gold remained on track for its fourth straight day of gains. European gas prices tumbled as fears of an Australian LNG strike subsided while the price of oil also declined slightly on demand worries."