Nasdaq touches over one-month low after weak consumer sentiment data
The tech-heavy Nasdaq led Wall Street declines, hitting a six-week low after fresh economic data indicated a deterioration in consumer sentiment.
The tech-heavy Nasdaq led Wall Street declines, hitting a six-week low after fresh economic data indicated a deterioration in consumer sentiment.
Retailers are in for a mixed holiday season this year, marked by watchful consumers keeping big spending on a tight leash and vigilantly comparing prices on their mobile phones.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024.
At issue is how the central bank calculates an extra layer of capital it imposes on U.S. global systemically important banks, known as the “GSIB surcharge.”
Some megacap growth stocks edged higher in early trading, with Meta Platforms, Amazon.com and Apple up between 0.6% and 1.5%.
A Labor Department report showed the PPI for final demand rose 0.2% in March, against forecasts of a 0.3% increase.
U.S. stocks recorded weekly losses on Friday as traders scaled back expectations on the timing of rate cuts.
Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.
Oil prices fell over 2% on Wednesday as fears of disruption to supplies due to conflict in the Middle East receded.