Shore News Network on Nostr: Wall Street ends down as US retail sales data crimps rate cut bets ========== Wall ...
Wall Street ends down as US retail sales data crimps rate cut bets
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Wall Street stocks finished lower on Wednesday after upbeat December U.S. retail sales data eroded expectations the Federal Reserve will kick off its rate-cut campaign as early as March. The benchmark S&P 500 fell to its lowest in over a week. Amazon, Nvidia, and Alphabet weighed on the S&P 500 as the 10-year Treasury yield rose to over 4.1%, its highest this year. Tesla dropped after the electric-vehicle maker slashed prices of its Model Y cars in Germany. The interest rate-sensitive S&P 500 real estate sector index tumbled as much as 2.9%. Traders’ expectations of a 25-basis-point Fed rate in March dipped to 55%, from around 60% before the data was released. U.S. stocks in recent weeks have relinquished some gains from a strong final two months of 2023. The CBOE Market Volatility Index, a market fear gauge, rose to an over two-month high of 15.37 points during the day. Morgan Stanley fell after analysts cut their ratings and price targets in the wake of the bank’s fourth-quarter earnings. Bank of America and Citigroup also lost ground. According to preliminary data, the S&P 500 lost 26.98 points, or 0.57%, to end at 4,739.00 points, while the Nasdaq Composite lost 89.97 points, or 0.60%, to 14,854.37. The Dow Jones Industrial Average fell 89.83 points, or 0.24%, to 37,271.29. Charles Schwab dropped after its fourth-quarter profit fell 47%. Spirit Airlines tumbled for a second day after a U.S. judge on Tuesday blocked JetBlue from acquiring the carrier. Ford Motor declined after UBS downgraded the stock to “neutral” from “buy.” Boeing gained after the Federal Aviation Administration said inspections of an initial group of 737 MAX 9 airplanes had been completed.
#WallStreet #UsRetailSales #RateCut #S&p500 #Tesla #FederalReserve
https://www.shorenewsnetwork.com/2024/01/17/wall-street-ends-down-29/
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Wall Street stocks finished lower on Wednesday after upbeat December U.S. retail sales data eroded expectations the Federal Reserve will kick off its rate-cut campaign as early as March. The benchmark S&P 500 fell to its lowest in over a week. Amazon, Nvidia, and Alphabet weighed on the S&P 500 as the 10-year Treasury yield rose to over 4.1%, its highest this year. Tesla dropped after the electric-vehicle maker slashed prices of its Model Y cars in Germany. The interest rate-sensitive S&P 500 real estate sector index tumbled as much as 2.9%. Traders’ expectations of a 25-basis-point Fed rate in March dipped to 55%, from around 60% before the data was released. U.S. stocks in recent weeks have relinquished some gains from a strong final two months of 2023. The CBOE Market Volatility Index, a market fear gauge, rose to an over two-month high of 15.37 points during the day. Morgan Stanley fell after analysts cut their ratings and price targets in the wake of the bank’s fourth-quarter earnings. Bank of America and Citigroup also lost ground. According to preliminary data, the S&P 500 lost 26.98 points, or 0.57%, to end at 4,739.00 points, while the Nasdaq Composite lost 89.97 points, or 0.60%, to 14,854.37. The Dow Jones Industrial Average fell 89.83 points, or 0.24%, to 37,271.29. Charles Schwab dropped after its fourth-quarter profit fell 47%. Spirit Airlines tumbled for a second day after a U.S. judge on Tuesday blocked JetBlue from acquiring the carrier. Ford Motor declined after UBS downgraded the stock to “neutral” from “buy.” Boeing gained after the Federal Aviation Administration said inspections of an initial group of 737 MAX 9 airplanes had been completed.
#WallStreet #UsRetailSales #RateCut #S&p500 #Tesla #FederalReserve
https://www.shorenewsnetwork.com/2024/01/17/wall-street-ends-down-29/