Wall Street ends lower amid interest rate concerns
==========
US stocks fell on Wednesday amid further gains in Treasury yields and concern over the timing and scale of possible interest rate cuts from the Federal Reserve. The Dow fell more than 1% and hit its lowest level in nearly a month. All of the S&P 500 sectors ended lower as well, with rate-sensitive utilities among sectors with the biggest declines. The yield on the benchmark 10-year US Treasury note hit four-week highs at 4.6%, extending Tuesday's gains, after weak debt auctions. Conflicting expectations on the size and the timing of potential interest rate cuts have kept the market on edge since the start of this year. Sticky inflation and hawkish comments from central bankers have forced traders to temper down rate cut expectations to only one by November or December, per the CME FedWatch Tool, from multiple cuts expected at the start of the year. The main focus this week will be on Friday's release of April's Personal Consumption Expenditure data – the Fed's preferred inflation gauge. The Nasdaq retreated after closing above the 17,000 mark for the first time on Tuesday, while the small-caps Russell 2000 index fell 1.5%. After the closing bell, shares of Salesforce were down more than 15% as the company reported results and forecast second quarter revenue below estimates. Salesforce shares ended the regular session up 0.7%. During the regular session, shares of Marathon Oil advanced 8.4% after ConocoPhillips said it would buy the company in an all-stock deal for a little over its $15 billion market value. ConocoPhillips fell 3.1%. The energy sector dropped 1.8%. Airline stocks declined, led by American Airlines, which declined 13.5% after the company cut its second-quarter profit forecast. Dick's Sporting Goods rose 15.9% after lifting forecasts for annual sales and profit, while Abercrombie & Fitch shot up 24.3% on raised annual sales growth forecast.
#WallStreet #InterestRates #FederalReserve #TreasuryYields #StockMarket #Inflation #Nasdaq #Salesforce #MarathonOil #Conocophillips #AirlineStocks #Dick'sSportingGoods #Abercrombie&Fitch
https://www.thestar.com.my/business/2024/05/30/wall-street-ends-lower-amid-interest-rate-concerns
The Star Online /
npub1z0…ksx82
2024-05-30 00:03:19
Author Public Key
npub1z0hpqancwfcw2qsk6d2wxpru8wf3r07wtgsnkdxpslde590kq5msyksx82Seen on
wss://relay.damus.ioPublished at
2024-05-30 00:03:19Event JSON
{
"id": "f5df320a4f82afd22e723405cc983c52f08dc131ddd69679aae2702386126401",
"pubkey": "13ee1076787270e50216d354e3047c3b9311bfce5a213b34c187db9a15f60537",
"created_at": 1717027399,
"kind": 1,
"tags": [],
"content": "Wall Street ends lower amid interest rate concerns\n==========\n\nUS stocks fell on Wednesday amid further gains in Treasury yields and concern over the timing and scale of possible interest rate cuts from the Federal Reserve. The Dow fell more than 1% and hit its lowest level in nearly a month. All of the S\u0026P 500 sectors ended lower as well, with rate-sensitive utilities among sectors with the biggest declines. The yield on the benchmark 10-year US Treasury note hit four-week highs at 4.6%, extending Tuesday's gains, after weak debt auctions. Conflicting expectations on the size and the timing of potential interest rate cuts have kept the market on edge since the start of this year. Sticky inflation and hawkish comments from central bankers have forced traders to temper down rate cut expectations to only one by November or December, per the CME FedWatch Tool, from multiple cuts expected at the start of the year. The main focus this week will be on Friday's release of April's Personal Consumption Expenditure data – the Fed's preferred inflation gauge. The Nasdaq retreated after closing above the 17,000 mark for the first time on Tuesday, while the small-caps Russell 2000 index fell 1.5%. After the closing bell, shares of Salesforce were down more than 15% as the company reported results and forecast second quarter revenue below estimates. Salesforce shares ended the regular session up 0.7%. During the regular session, shares of Marathon Oil advanced 8.4% after ConocoPhillips said it would buy the company in an all-stock deal for a little over its $15 billion market value. ConocoPhillips fell 3.1%. The energy sector dropped 1.8%. Airline stocks declined, led by American Airlines, which declined 13.5% after the company cut its second-quarter profit forecast. Dick's Sporting Goods rose 15.9% after lifting forecasts for annual sales and profit, while Abercrombie \u0026 Fitch shot up 24.3% on raised annual sales growth forecast.\n\n#WallStreet #InterestRates #FederalReserve #TreasuryYields #StockMarket #Inflation #Nasdaq #Salesforce #MarathonOil #Conocophillips #AirlineStocks #Dick'sSportingGoods #Abercrombie\u0026Fitch\n\nhttps://www.thestar.com.my/business/2024/05/30/wall-street-ends-lower-amid-interest-rate-concerns",
"sig": "d5edcf41e700ed70009829284e65ac5ef4b4ca4233999ca9f088a352408968e7d22d4e43c15d526df96743de6ecbee19498349eb5d1a0f8a06bbe496f7c01599"
}