S&P 500 dwindles on Yellen mixed messages, post-Fed dovish hike SP500 DowJones Nasdaq
es expect three rate cuts by the Fed at the end of 2023 following Wednesday’s 25 bps hike. The S&P 500 losses 0.18%, at 3,932.41, while the Dow Jones followed suit, down 0.20%, at 31,966.32. The Nasdaq Composite is the outlier, boosted by mega-cap companies, up 0.36%, at 11,711.29.
Sentiment improved after US Treasury Secretary Janet Yellen rattled financial markets, expressing that the government is not planning to introduce blanket insurance to all depositors on Wednesday. At the same time, the US Federal Reserve Chair Jerome Powell emphasized that the banking system is solid after the Fed took steps to provide liquidity to the markets.
Additionally, traders shrugged off a 25 bps rate hike by the Fed, even though Jerome Powell expressed that inflation is too high and the labor market remains tight. Regarding the latter, US Initial Jobless Claims for the last week rose less than estimates, reaching 191K, below forecasts of 201K. Therefore, further tightening is expected by the US central bank.US Treasury bond yields continue to fall, weighed by investors expecting an additional rate hike by the Fed and then a pause.
Sector-wise, Communication Services, Technology, and Real Estate led the pack, each up 1.66 %, 1.38%, and 0.01%. Contrarily, Energy, Utilities, and Financials, finished with losses of 1.47%, 0.87%, and 0.51%m respectively., which tracks the buck’s value against a basket of six currencies, lost 0.01%, down at 102.528, after hitting a weekly low of 101.910.
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