Wall Street's main indexes slid on Wednesday, with the S&P 500 falling over 1%, after the release of minutes from the Federal Reserve's policy meeting last month showed officials felt the employment benchmark for decreasing support for the economy 'could be reached this year.'
A trader works on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., August 9, 2021. REUTERS/Andrew Kelly
With the market in a period that has seasonally been weak historically, investors have said stocks may be due for a significant drop, with the S&P 500 yet to experience a 5% pullback this year. Focus now shifts to the Fed's annual research conference in Jackson Hole, Wyoming, next week for any read about the central bank's next steps. Many analysts expect the Fed to announce its plan to taper asset purchases as early as the Sept. 21-22 policy meeting.
A rebound in the U.S. economy, including a stellar second-quarter corporate earnings season along with accommodative monetary policy has underpinned positive sentiment for equities. "We have gotten a rash of both earnings and economic data over the past several weeks that broadly is pointing to a positive outlook for the fundamental backdrop to the market," said Craig Fehr, investment strategist at Edward Jones. "The one wildcard at this stage is going to be the role Fed stimulus is going to play."
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