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Federal Reserve Chair Jerome Powell shifted his tone Friday at Jackson Hole, warning that "downside risks to employment are rising" and that the Fed "may warrant adjusting" its policy stance if the economic slowdown continues.
It was a surprisingly dovish message—one that caught Wall Street off guard. Many economists had expected Powell to maintain a cautious, inflation-focused tone and avoid signaling any rate cuts.
Instead, he leaned into labor market concerns and acknowledged weakening growth, paving the way for potential easing.
Markets moved fast. Treasury yields tumbled, the U.S. dollar fell sharply, and stocks ripped higher, led by tech and growth names that benefit most from easier financial conditions.
Futures traders now fully price in a September rate cut, assigning a 91.5% probability, up from 71% just prior to the speech, according to the CME FedWatch Tool.
The 2-year Treasury yield dropped 10 basis points to 3.70%, and the U.S. Dollar Index fell 0.7% as markets welcomed the prospect of easier monetary policy.
That shift unleashed a broad market rally, with tech, crypto, and high-growth names leading the charge.
U.S. equity markets rallied sharply following Powell's dovish comments, with small caps and tech stocks leading the charge.
The Russell 2000 surged 3.8% to 2,360, eyeing its best single-day performance since April, as investors rotated into rate-sensitive, domestically focused companies.
The Dow Jones Industrial Average climbed 1.9% to new records at 45,650, gaining over 870 points as financials and industrials caught a bid.
The Nasdaq 100 advanced 1.8% to 23,556, on track to reverse weekly losses. The broad-based S&P 500 added 1.6% to 6,470.
Using Benzinga Pro real-time data, here are the top-performing U.S.-listed stocks with a market cap over $50 billion post-Powell's remarks:
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Image created using artificial intelligence via Midjourney.
