Wall Street's three major averages closed lower on Wednesday with the Nasdaq’s 1% loss leading declines after stronger-than-expected services sector data fuelled concerns that still sticky inflation would mean that interest rates stay higher for longer.
Traders were betting on a 93% chance that the Federal Reserve would leave interest rates unchanged after its meeting on Sept 20, while bets on another pause in November were around 57%, CME Group’s FedWatch Tool showed. Earlier in the day Boston Fed president Susan Collins stressed the need for the central bank to “proceed carefully” with its next monetary policy steps.
On top of rate concerns, Apple Inc, which finished down 3.6%, was pressured by a report that China had banned officials at central government agencies from using iPhones and other foreign-branded devices for work.
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