Stock Market Today: Powell Speech Sends Stocks on Roller-Coaster Ride

Stocks popped then dropped after the Fed chair warned that more rate hikes could come down the pike, but then stabilized into the close.

Federal reserve chair Jerome Powell speaking about interest rate hikes
(Image credit: Getty Images)

The second half of Friday's session looked nothing like the first. This morning's price action was volatile thanks to Federal Reserve Chair Jerome Powell's speech at the central bank's annual economic symposium in Jackson Hole, Wyoming. Stocks climbed steadily higher throughout the afternoon, though, to end the week on a high note.  

All eyes were on Fed Chair Powell this morning, who gave his Jackson Hole speech shortly after the opening bell. Powell acknowledged that it is a "welcome development" that inflation has come down from its 40-year peak of 9.1% hit in June 2022. And while he said the Fed will "proceed carefully," he stuck largely to his script from the past year that the central bank will remain data dependent, but is willing to do whatever it takes to bring inflation down, even if that means more interest rate hikes.

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.