NEW YORK, Dec 10 — Wall Street ended lower yesterday as investors assessed economic data and awaited a potential 50-basis point interest rate hike by the US Federal Reserve at its policy meeting next week, while apparel company Lululemon slumped following a disappointing profit forecast.
Futures trades suggest a 77 per cent chance the Fed will raise interest rates by 50 basis points next week, with a 23 per cent chance of a 75-basis point hike, with those odds little changed after yesterday’s economic data. Netflix Inc gained 3.1 per cent after Wells Fargo upgraded the video streaming giant to “overweight” from “equal weight”.The Nasdaq declined 0.70 per cent to 11,004.62 points, while Dow Jones Industrial Average declined 0.90 per cent to 33,476.46 points.
Wall Street’s main indexes have fallen this week after logging two straight weekly gains. Weighing heavily on investors are fears of a potential recession next year due to extended the central bank’s rate hikes.