US stocks weakened for a third session on Thursday, as investors weighed strong economic data against expectations of future Fed rate cuts. The S&P 500 and Nasdaq 100 each fell 0.5%, the Dow Jones Industrial Average fell 175 points, with all sectors except energy in negative territory.
Initial jobless claims fell to 218,000 for the week ending September 20, signaling a resilient labor market, while second-quarter GDP growth was revised up sharply to 3.8% annualized, driven by strong consumer spending and business investment. Market participants are now recalibrating expectations for the Fed's next move, with investor speculation of an additional 25 basis point rate cut in October declining sharply.
Tech stocks saw the sharpest declines, with Oracle plunging 5% and Tesla dropping 4%. CarMax plunged 20% after reporting disappointing earnings, while Intel surged 9% after news that it had approached Apple for an investment. Investors are now awaiting the release of the PCE index, the Fed's preferred inflation measure, on Friday for clues on the Fed's next move. (alg)
Source: Trading Economics
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