Nov 27 - Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data.
Investors were still gauging the impact of President-elect Donald Trump's pledge on Monday to impose duties of 25% on imports from Mexico and Canada and 10% on Chinese goods unless they halt flows of the deadly opioid fentanyl and illegal migrants into the U.S.Goldman Sachs said in a note this week an escalation in tariff policy risks delaying the return to 2.0% inflation target.
The sentiment spread to megacaps such as Nvidia , and Microsoft , while the Philadelphia SE Semiconductor Index , ended lower.Investors also assessed data earlier in the day which showed the economy grew at a solid clip in the third quarter. Weekly jobless claims fell again last week, leaving the door open for another rate cut from the Fed in December.
Minutes from the Fed's November meeting, released on Tuesday, showed policymakers were uncertain about the outlook for interest-rate cuts and how much the current rates were restricting the economy.
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