New Zealand's benchmark S&P/NZX 50 index fell 0.2% to close at 13,154 on Thursday, reversing gains from the previous session. The index tracked Wall Street lower following comments from Federal Reserve Chair Jerome Powell that US stocks are “fairly highly valued,” with AI giants Nvidia and Oracle coming under pressure for a second day. Investors are now awaiting the final estimate of US second-quarter GDP due later today and the PCE price index report on Friday for further guidance on the Fed’s policy outlook. At home, Swedish central banker Anna Breman was named as the new RBNZ Governor on Wednesday. She will begin her five-year term on December 1. On the corporate front, market heavyweights Fisher & Paykel (-4.0%), Meridian Energy (-0.35%), a2 Milk (-1.0%), and Spark NZ (-0.4%) all finished lower. Among other laggards were Genesis Energy (-0.85%), Summerset Group (-0.8%), Precinct Properties (-0.8%), Santana Minerals (-1.1%), and Vista Group (-1.0%).