U.S. stock indexes posted some of the steepest weekly declines in more than a year, with the NASDAQ down nearly 6%, the S&P 500 falling more than 4%, and the Dow declining almost 3%.

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The U.S. stock market pushed higher last week and closed on a high note sparked by Federal Chair Powell's strongest signal yet that interest rate cuts are coming.

U.S. equity markets rebounded sharply last week on the back of healthy labor market and retail sales data alongside falling inflation reports that put soft landing expectations back in focus for investors.

The major U.S. equity indexes closed out a turbulent week almost flat with where they began after recovering from a sharp sell-off when markets opened on Monday.