Yahoo Finance Live recaps Friday's top stories including: Federal Reserve Chairman Jerome Powell gave off a "moderately hawkish" tone at his speech at the Jackson Hole Economic Symposium. Powell reiterated that inflation was still too high and that the central bank was "prepared to raise rates further" if that's what it would take to bring it down. Instacart has filed paperwork to go public on the Nasdaq. Its shares will trade under the ticker "CART." Hawaiian Electric (HE) shares plummeted 18% after being sued by Maui County, which alleges the company acted negligently during a windstorm that struck the island.
Video Transcript
DIANE KING HALL: It is closing time here on Yahoo Finance. Let's recap some of the top stories of the day. Fed Chair Jerome Powell striking a hawkish tone in a speech from Jackson Hole this morning. He says further rate hikes are on the table and says the fed intends to hold rates at a restrictive level until inflation cools further toward 2%.
And grocery delivery app Instacart filing to go public, the latest sign the IPO market is starting to thaw. It will list on the NASDAQ under the ticker cart. Instacart is the biggest US online grocery delivery company.
Shares of Hawaiian Electric plunging today on a number of headlines, including a lawsuit citing the company's alleged negligence over the devastating Maui wildfires. The move lower also coming as the company announces it's suspending its dividend in the third quarter to help shore up its balance sheet.
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August 26, 2023 at 05:01AM
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Powell's speech, Instacart IPO filing, Hawaiian Electric suit: Top stories - Yahoo Finance
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