The market is attentively awaiting the comments from the Fed’s monetary authorities. They are also awaiting the publication on Friday of personal consumption spending data for April.
Main Wall Street indices goes back this Wednesday, May 29, since the calendar concerns and the magnitude of the Federal Reserve interest rate cuts they raise the Treasury bond yields and put pressure on equities.
In this context, the Dow Jones Industrial Average misses 333.55 points, or a 0.9%to 38,519.31 units; he S&P 500 low 31.13 points, or 0.6%, to 5,274.91 units; and the Nasdaq Composite give in 73.96 points, or a 0.4%to 16,945.92 units.
Mega-cap firms Microsoft, Alphabet and Goal decrease between 0.2% and 0.7%as bond yields hit nearly four-week highs following Tuesday’s unexpected consumer confidence data.
He Dow Jones leads the declines, falling to its lowest level in almost a month, and all major subsectors of the S&P 500 They were in the red in the first operations.
Contradictory expectations about the magnitude and timing of interest rates kept the market in suspense since the beginning of the year.
He Nasdaq declined after surpassing the barrier of the 17,000 points. Chip stocks, which drove gains in the last session, were down 1.9%. Small cap stocks were also pressured and the Russel 2000 falls 1.5%.
Wall Street: the market remains attentive to comments from Fed authorities
The Fed’s Beige Book, due out later in the day, is expected to shed light on the state of the economy. The markets will also be attentive to the comments of monetary authorities of the central bank such as the head of the entity in New York, John Williamsand the one in Atlanta, Raphael Bostic.
However, the main focus of attention is publication on Friday of personal consumption spending data April, the Fed’s preferred inflation gauge.
Source: Ambito
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