US stocks lower as markets await Fed chair's speech

By Ovunc Kutlu

ISTANBUL (AA) — US stock exchanges were mixed Thursday as markets await Federal Reserve Chair Jerome Powell's speech.

The Dow Jones was down 70 points, or 0.21%, to 34.400 at 10.51 am EDT (1451GMT), while the S&P 500 fell 15 points, or 0.35%, to 4,420.

The Nasdaq decreased 85 points, or 0.62%, to 13,638.

Powell may leave the door open for more interest rate increases during his speech Friday at the annual three-day Jackson Hole symposium the will be held in the state of Wyoming until Saturday.

The VIX volatility index, also known as the fear index, rose 1% to 16.15, while the 10-year US Treasury yield increased 0.45% to 4.219%.

The dollar index added 0.23% to 103.67 and the euro fell 0.13% to $1.0844 against the greenback.

Precious metals were mixed, with gold rising 0.3% to $1,921 per ounce but silver declining 0.3% to $24.24.

Oil prices were down 0.4%, with global benchmark Brent crude at $82.89 per barrel and US benchmark West Texas Intermediate at $78.59.