NEW YORK, Aug. 21 (Xinhua) -- U.S. stocks closed lower on Thursday as investors await Federal Reserve Chair Jerome Powell's upcoming remarks at the annual Jackson Hole economic policy symposium on Friday.
The Dow Jones Industrial Average slipped 152.81 points, or 0.34 percent, to 44,785.5. The S&P 500 declined 25.61 points, or 0.4 percent, to 6,370.17. The Nasdaq Composite fell 72.55 points, or 0.34 percent, to 21,100.31.
Nine of the 11 major S&P 500 sectors ended in negative territory. Consumer staples posted the sharpest losses, down 1.18 percent, followed by utilities, which dropped 0.71 percent. On the other hand, energy gained 0.71 percent, while materials advanced 0.26 percent.
Market participants are awaiting Powell's Friday speech for clarity on the Federal Reserve's policy outlook. His remarks could provide signals about whether persistent inflationary pressures will keep rates higher for longer or open the door to rate cuts.
The minutes of the Fed's July meeting released Thursday added to investor caution, showing that officials remain concerned about both the labor market and inflation. Most policymakers agreed it was premature to cut rates, while Fed governors Christopher Waller and Michelle Bowman dissented, opposing the decision to hold rates steady.
"The minutes from the Fed meeting in July do not indicate a rate cut is coming. We expect Fed Chair to be balanced-to-hawkish at his speech on Friday at the Jackson Hole Symposium," said Padhraic Garvey, regional head of research at ING.
Earnings also influenced trading, particularly in retail. Walmart shares slid 4.49 percent after the company reported weaker-than-expected quarterly results.
Technology stocks, which have carried an outsized role in the market's performance, continued to face pressure. Amazon and Meta Platforms each fell about 1 percent, while Nvidia, Broadcom, Apple, Microsoft and Tesla also ended lower. Alphabet eked out a gain.
