Stocks on Wall Street ended lower, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the US central bank's next move would be with interest rate hikes
Heading into the session, investors had been anxious for any signals from the U.S. central bank on whether Wednesday's increase would be the last hike for now.Traders work on the floor of the New York Stock Exchange in New York City, U.S., May 3, 2023. REUTERS/Brendan McDermid"Anybody that was hoping for an inclination toward that scenario, it doesn't sound like they're getting that," said Alan Lancz, president of Alan B. Lancz & Associates Inc.
A separate report showed U.S. services sector maintained a steady pace of growth in April, but higher input prices indicated inflation could remain elevated for some time.shares fell 9.3% after the chipmaker forecast quarterly sales below estimates due to a weak PC market. Volume on U.S. exchanges was 12.03 billion shares, compared with the 10.51 billion average for the full session over the last 20 trading days.
Declining issues outnumbered advancing ones on the NYSE by a 1.44-to-1 ratio; on Nasdaq, a 1.00-to-1 ratio favored decliners. The S&P 500 posted 24 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 64 new highs and 266 new lows.
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