The S&P 500 was 0.3 per cent lower in afternoon trading and on track for a third straight loss. Big Tech stocks were particularly weak, and the Nasdaq composite was 0.9 per cent lower. The Dow Jones was holding up better than the rest of the market because it has less of an emphasis on tech, and was up 0.2 per cent in mid-afternoon trade.The Australian sharemarket is set to edge lower, with futures at 5.08am AEST pointing a slide of 3 points at the open.
The Federal Reserve has already hiked its main interest rate to the highest level in more than two decades in hopes of slowing the economy enough to drive inflation back down to its 2 per cent target. It’s come close, and inflation has cooled from its peak above 9 per cent last summer. But the worry is that the last percentage point of improvement may be the toughest for the Fed.
Nvidia sank 2.6 per cent to bring its loss for the week so far to 5.5 per cent. It and a cohort of other stocks in the artificial-intelligence industry have soared this year on expectations that AI could mean explosive future growth in profits. In the bond market, the yield on the two-year Treasury slipped to 4.98 per cent from 5.03 per cent late Wednesday. It’s still well above the 4.88 per cent level where it started the week. The two-year Treasury yield tends to track expectations for the Fed.Traders still mostly expect the Fed to stand pat on interest rates at its next meeting later this month. But they’re betting on a nearly coin flip’s chance of another increase by the end of the year, according to data from CME Group.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Source: smh - 🏆 6. / 80 Read more »