US stock markets declined on Tuesday, driven by concerns about the Federal Reserve's monetary policy path after recent economic indicators signaled a stronger-than-expected economy.
Wall Street 's main indexes slipped on Tuesday, weighed down by technology stocks after a batch of upbeat economic data stoked uncertainty among investors about the pace of monetary policy easing that the Federal Reserve could pursue this year. A Labor Department report showed job openings stood at 8.098 million in November, compared with 7.7 million economists polled by Reuters were expecting. Separately, an ISM survey showed services activity for December stood in expansion territory at 54.
1, compared with expectations of 53.3. The index also ticked higher from the previous month's figure. Signs of continued resilience in the economy has pushed back expectations on when the central bank can deliver its first interest rate cut this year, with traders betting on the move to come in June, according to the CME Group's FedWatch tool. At 10:16 a.m. ET, the Dow Jones Industrial Average (.DJI), fell 69.82 points, or 0.17%, to 42,636.74, the S&P 500 (.SPX), lost 24.88 points, or 0.42%, to 5,950.50 and the Nasdaq Composite (.IXIC), lost 154.71 points, or 0.80%, to 19,710.27. Pressuring stocks, yield on the 10-year Treasury note rose to 4.677% - its highest level since May 2024. Rate-sensitive sectors such as financials (.SPSY), and real estate (.SPLRCR), dipped, while technology stocks (.SPLRCT), dropped 0.8%. AI-bellwether Nvidia (NVDA.O), fell 2.6%. The main focus of the week is the key non-farm payrolls data, along with minutes from the Fed's December meeting expected later in the week.Robert Pavlik, senior portfolio manager at Dakota Wealth, said he expects the central bank to be on hold and start cutting rates again when payrolls begin to decline a little bit which would then alleviate some of the inflation pressure. In the previous session, the S&P 500 (.SPX), and the Nasdaq (.IXIC), closed short of one-week highs on uncertainty after President-elect Donald Trump denied a report that his team was exploring less aggressive tariff policie
Wall Street Stock Market Federal Reserve Interest Rates Economic Data
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.
Stock market today: Wall Street falls to worsen its already dismal weekNEW YORK (AP) — U.S. stocks are tacking more losses onto what was already going to be one of their worst weeks of the year. The S&P 500 fell 0.
Read more »
Wall Street Falls as Tech Stocks Drag on Investor Caution Ahead of Fed MeetingU.S. stock indexes declined on Tuesday as investors turned cautious ahead of the Federal Reserve's interest rate decision this week, despite strong November retail sales figures. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all fell, with technology stocks leading the decline. Investors are closely watching for signs of the Fed's future monetary policy stance, particularly after recent data indicated a resilient U.S. economy.
Read more »
Wall Street Predicts Strong Corporate Profits in 2024 and 2025Wall Street anticipates a significant increase in corporate profits for 2024 and 2025, driven by a robust economy and easing inflation. However, companies face ongoing uncertainties, including potential economic policy changes and volatile consumer spending.
Read more »
Wall Street Forecasts Strong Corporate Profits for 2024 and 2025Wall Street analysts predict significant profit growth for companies in 2024 and 2025, driven by a strong labor market, easing inflation, and continued consumer spending. However, uncertainties remain, including potential economic policy shifts and future inflation trends.
Read more »
Stock market today: Wall Street drifts around its records in early tradingNEW YORK (AP) — U.S. stocks are drifting around their records ahead of a week that could cement expectations for a coming cut to interest rates by the Federal Reserve. The S&P 500 slipped 0.
Read more »
Stock market today: Nvidia drags Wall Street lower as oil and gold riseNEW YORK (AP) — A slide for market superstar Nvidia helped pull U.S. stock indexes down from their records. The S&P 500 fell 0.6% Monday, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average fell 0.
Read more »