The S&P 500 dipped after data showed private-sector business activity in the U.S. contracted for a second straight month in August
The S&P 500 dipped after data showed private-sector business activity in the United States contracted for a second straight month in August, with particular softness in the services sector as demand weakened in the face of inflation and tighter financial conditions.
The S&P Global flash composite purchasing managers index, or PMI, for August dropped to 45, the lowest since February 2021, from 47.7 in July. A reading below 50 indicates a contraction in activity.Stocks have declined in recent sessions ahead of this week's central bank gathering in Jackson Hole, where Fed Chair Jerome Powell is expected on Friday to reinforce a strong commitment to stamp out inflation running at four-decades high.
Traders are split between expecting a 50 basis points hike and a 75 bps hike by the central bank after several policymakers recently pushed back against expectations of a dovish pivot and emphasized the Fed's commitment to fight against inflation. FEDWATCH "What we have seen in the past week is the realization that the Fed could still raise interest rates by 75 basis points in September," said Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa, Oklahoma. "The market fears that Powell's going to go back into a hawkish stance."Zoom Video Communications Inc
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asia-Pacific Markets Set to Open Lower After Wall Street Continues to SlideThis is CNBC’s live blog covering updates on Asia-Pacific markets.
Read more »
John Oliver Takes Jab At HBO Max For Pulling Shows “To Appease Wall Street”John Oliver took another swipe at all the changes happening at Warner Bros. Discovery and this time he addressed the shows getting pulled from HBO Max. The Last Week Tonight host took on the possib…
Read more »
U.S. stock futures show Wall Street struggling to regain footing after Fed fears prompt sharp pullbackS&P 500 futures recovered from session lows but the recent summer stock surge was still looking fragile on Tuesday.
Read more »
'Better than the rest:' Wall Street cheers Palo Alto Networks earnings beat, forward guidancePalo Alto Networks beat analyst expectations when it reported results Monday.
Read more »
Asian shares fall on Fed worries after Wall Street sell-offAsian shares are trading lower, echoing a broad sell-off on Wall Street amid speculation about another interest rate raise from the U.S. Federal Reserve
Read more »
Asian markets fall on Fed worries after Wall Street's sell-offAsian shares were trading lower Tuesday, echoing a broad sell-off on Wall Street amid speculation about another interest rate raise from the U.S. Federal...
Read more »