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...
European stocks closed lower, tracking the losses for government bonds in the Eurozone as markets assessed some clarity on trade between the EU and the US, fresh economic data, and their impact on rates. The STOXX 50 fell 0.3% to the 5,459, a second decline, while the STOXX 600 was flat near the five-month high yesterday of 559. The EU and the US moved closer to formalizing their trade deal that imposes 15% US tariffs on the EU, and specified that the pharmaceuticals, autos, and metals may face the 15% tariffs instead of the steeper Section 232 levies from the US. BMW, Mercedes Benz,...
Stocks fell broadly on Thursday, with the S&P 500 down 0.4%, sliding for a fifth straight session as investors turned their focus to Fed Chair Powell's upcoming speech at Jackson Hole. The Dow Jones dropped 150 points, while the Nasdaq lost 0.5% amid ongoing weakness in big tech. Walmart weighed on markets after its shares slipped over 4% despite raising its full-year sales and profit outlook, as its quarterly earnings missed expectations for the first time since 2022. The disappointing results, combined with cautious signals from other major retailers, underscored consumer uncertainty...