US stocks were lower on Thursday, extending the poor momentum this week as markets assessed the outlook on rates and retailers' earnings for hints on the strength of the consumer. The three main equity indices were around 0.4% down, with the Nasdaq 100 set to drop sharply this week after a tech selloff.
FOMC minutes showed that most members saw inflation risks as greater than labor market risks, while policymakers showed a degree of concerns that inflation expectations could become unanchored. Tech giants remained broadly under pressure as markets showed skepticism that AI services will deliver returns expected following this year's rally, driving Nvidia, Palantir, and Meta to book sharp losses since last Friday.
In the meantime, Walmart fell 3% after posting a rare profit miss in the second quarter, even though the world's largest retailer upgraded its guidance. Tomorrow, a speech by Fed Chairman Powell is likely to update markets on how the Fed sees labor market risks developing.
Source: Trading Economics
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