For the S&P 500 and Nasdaq Composite, last night marked their third session in a row closing lower, while the decline in the Dow Jones wiped out its gains for 2023.
The report added to a recent slew of economic data which has painted a picture of a resilient economy, which continues to perform against a backdrop of multiple rate-rises by the US Federal Reserve in 2022 aimed at tamping down inflation.Money market participants have been revising upwards where they see the Fed fund rate speaking - currently at 5.35% in July and staying near those levels throughout the year.
Investors will look to the minutes detailing discussion at the Fed's last policy meeting, due out later toight, for further clues on attitudes within the Fed on rates.
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