Wall Street closed lower on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve's meeting next week.
The Nasdaq had surged past the 20,000 mark for the first time on Wednesday, driven by a strong rally in technology stocks. Meanwhile, the S&P 500 reached its highest level in nearly a week, buoyed by an inflation report that solidified expectations for a 25-basis-point rate cut at the Fed's Dec. 17-18 meeting.
Haworth added there was profit-taking after the Nasdaq touched an all-time high on Wednesday.
Trader bets on the cut next week stand at over 98%, according to CME's FedWatch Tool. However, they indicate expectations of a pause in January after several Fed officials last week urged caution over the pace of monetary policy easing as the economy remained resilient.
According to preliminary data, the S&P 500 tab lost 32.49 points, or 0.53%, to end at 6,051.70 points, while the Nasdaq Composite lost 132.05 points, or 0.66%, to 19,902.84. The Dow Jones Industrial Average fell 232.32 points, or 0.53%, to 43,916.24.
Source: Reuters
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