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Wall Street found its footing on Thursday, August 21, with tech stocks powering a broad rebound. Investors took a cautious but optimistic stance as Treasury yields retreated and all eyes turned to the Federal Reserve’s annual Jackson Hole symposium. ## Markets Rally as Yields Dip The **S&P 500** closed higher, shaking off a sluggish start to the week. The **Nasdaq Composite** outpaced other major indexes, as heavyweight tech names rallied. The **Dow Jones Industrial Average** also finished in positive territory, but with more modest gains. Treasury yields edged lower, offering relief after a recent climb that rattled risk assets. The move came as traders positioned themselves ahead of potential policy signals from central bankers gathering in Wyoming. ## Tech Leads the Charge Mega-cap tech stocks snapped back, buoying broader benchmarks. Names like Apple, Microsoft, and Nvidia rebounded after a bout of profit-taking earlier in the week. Semiconductors and software names were among the session’s top performers, aided by easing rate pressures and renewed optimism on long-term growth prospects. Energy and financials lagged the rally, with oil prices holding steady after a choppy week. Gold prices were little changed, hovering near recent lows as investors weighed the path of interest rates and the dollar. ## Dollar Holds Firm The **US Dollar Index (DXY)** was steady, maintaining recent gains as currency markets awaited clues from Jackson Hole. The **euro-to-dollar (EUR/USD)** pair traded in a narrow range, reflecting the cautious mood ahead of central bank commentary. ## Notable Movers Chipmakers led the Nasdaq’s advance, with **Nvidia** and **AMD** recouping ground lost in Tuesday’s pullback. Meanwhile, several cloud computing and AI-linked stocks also surged, reinforcing investor enthusiasm for the sector’s growth story. Outside of tech, most sectors participated in the rebound, though defensive names lagged as risk appetite returned. Energy shares slipped despite stable crude prices, with traders citing profit-taking and mixed demand signals. ## What to Watch The focus now shifts to Friday’s kickoff of the Jackson Hole Economic Symposium, where Fed Chair Jerome Powell is expected to address the outlook for rates and inflation. Markets will be parsing every word for hints on future tightening or a possible pivot. Investors are also watching for fresh economic data on consumer spending and durable goods orders, which could further shape expectations for the Fed’s next move. With volatility likely to remain elevated, market participants are eyeing both policy signals and sector-specific trends for clues on the next leg higher. For those considering how to position in this environment, check out our deep dive on optimising your dividend ETF portfolio for passive income. And if you’re new to investing, our guide on whether it’s too late to start investing in 2026 offers a timely perspective. Stay tuned as Jackson Hole takes centre stage and sets the tone for the rest of the summer.