Saturday, July 20, 2024

US Stock Markets: Live Updates

The S&P 500 And Nasdaq Composite Renewed concern on Wall Street about the Federal Reserve’s interest rate policy path and whether policymakers will implement another hike this year fell on Thursday.

The tech-heavy Nasdaq fell for a fourth day, losing more than 1.3%, while the broader-based S&P fell 0.6%. The Dow Jones Industrial Average It traded 50 points or 0.1% lower.

Apple Shares fell 3.3% Bloomberg News reports China wants to expand ban on Use of iPhones In state-owned enterprises and agencies. Technology and Semiconductor Stocks lagged behindwith Tesla, Nvidia And Advanced Micro Devices Each fell more than 2%.

A Economic series Thursday’s data points — including lower-than-expected jobless claims — contributed to fears that a still-strong labor market might make the Federal Reserve think twice about easing its tight monetary policy stance. Weekly jobless claims came in at 216,000, versus the 230,000 expected by Dow Jones, while labor costs rose more than expected in the second quarter.

A strong job market, combined with the recent rise in energy prices, will increase the need for the Fed to act, said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance.

“People believe the Fed will be on hold for the rest of the year, but there could be one or two more rate hikes,” he said. “All things being equal, this is slightly negative for the stock market, which is what the central bank expected it to do for the year.”

Traders are tuned in by the latest corporate earnings reports. C3.ai It fell 13% after reporting a lower-than-expected gross margin in the latest quarter. Chargepoint Holdings 21% after missing earnings estimates.

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Major U.S. stock benchmarks are coming off a losing session on Wednesday as higher Treasuries pressured tech stocks and heightened investor concerns that the Federal Reserve will use the latest stronger-than-expected economic data to justify additional hikes.

While 93% of interest rate traders expected no change at the September Federal Open Market Committee meeting, an additional rate hike rose to 45% at the November meeting. CME FedWatch tool.

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