S&P 500 firmly off course as US equities take a tumble on hawkish Fed.
Equity indexes extending daily declines heading into Friday market session.
US Treasury yields stepped higher as Fed sees rate higher for longer.
The Standard & Poor’s (S&P) 500 continued its trip down the charts, sliding into $4,330.00 to end Thursday trading down 1.64%.
The Dow Jones Industrial Average (DJIA) declined over 370 points to end the day at $34,070.42, retreating 1.08%. The biggest loser for the major US equity indexes was the NASDAQ Composite, backsliding 1.82% to end Thursday at $13,223.99.
The S&P is down 2.55% from Wednesday’s pre-Federal Reserve (Fed) peak, and has declined over 4% since last Friday’s peak of $4,515.
Fed to see rates held higher longer, knocking equities back for a second day
The Fed held rates at 5.5% as markets broadly expected, but the Federal Open Market Committee (FOMC) raised their forward-looking rate expectations, with Fed officials seeing the year-end interest rate for 2024 at 5.1% versus the previously forecast 4.6%.
Inflation continues to recede in the US domestic economy, but sticking points remain and the Fed is leery of approaching a rate cut cycle too quickly, and interest rates are now only expected to decline by half a percent next year.<\/p>\n","protected":false},"excerpt":{"rendered":"
S&P 500 firmly off course as US equities take a tumble on hawkish Fed.Equity indexes extending daily declines heading into Friday market session.US Treasury yields stepped higher as Fed sees rate higher for longer.The Standard & Poor’s (S&P) 500 continued its trip down the charts, sliding into $4,330.00 to end Thursday trading down 1.64%.The Dow …<\/p>\n","protected":false},"author":13,"featured_media":61273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[7192,7587],"class_list":["post-89804","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-dow","tag-us-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=89804"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89804\/revisions"}],"predecessor-version":[{"id":89810,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89804\/revisions\/89810"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61273"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=89804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=89804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=89804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}