The Dow Jones industrial index fell 0.03%, the tech-heavy Nasdaq lost 0.4%, and the broader S&P 500 fell 0.2%.
Wall Street fell in its main benchmark indicators, given the market’s concern about a drop in the index that measures the confidence of US consumers and the statements of a member of the Federal Reserve.
The Dow Jones industrial index fell 0.03%, the tech-heavy Nasdaq lost 0.35%, and the broader S&P 500 fell 0.16%.
“A firm speech from the Fed” tightened the market, said Peter Cardillo, of Spartan Capital, according to the financial report of the AFP news agency.
The governor of the Fed, Michelle Bowman, also said this day that if inflation remains high and the labor market is “tight”, continued monetary tightening “would be appropriate” to slow the rise in prices.
According to Bowman, the most recent indicators did not provide “solid evidence” that “inflation is on a downward slope.”
Added to these comments was discouragement about the consumer confidence index, measured by the University of Michigan, which in May registered its lowest level in six months.
The survey also revealed that consumers revised up their two-year inflation expectations to 3.2%, from 3.0% in April, the highest level for this gauge since 2011.
Governor Bowman’s speech and this deterioration in inflation expectations, a parameter closely monitored by the Fed, caused bond yields to soar.
Source: Ambito
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