US Stocks Gain Modestly Ahead of Powell's Speech

U.S. stocks showed modest gains midweek, with the S&P 500 and Nasdaq composite up 0.2%, while the Dow Jones was nearly flat. Retail giants like Target and TJX reported stronger-than-expected profits, boosting their shares, although Macy’s saw a decline due to lower revenue forecasts. Investors are keenly awaiting Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium for hints on future interest rate cuts, with markets already pricing in a 25 basis point cut next month. Gulf markets also largely rose, reflecting similar anticipation of U.S. economic data that could influence global monetary policy. Treasury yields remained steady as markets awaited further economic insights.