U.S. stocks open mostly lower after Fed's Logan says economic data doesn't justify rate hike pause yet

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U.S. stock indexes opened mostly lower on Thursday as investors grew more confident the White House would reach a deal with Congress to avoid a debt default. The Dow Jones Industrial Average was down 73 points, or 0.2%, to 33,343:

U.S. stock indexes opened mostly lower on Thursday as investors grew more confident the White House would reach a deal with Congress to avoid a debt default, while weighing the Federal Reserve's next interest rate move after Fed Bank of Dallas President Lorie Logan said the case for a pause next month is not clear. Dow Jones Industrial Average DJIA, -0.29% was down 73 points, or 0.2%, to 33,343. The S&P 500 SPX, -0.07% lost less than 0.1%, and the Nasdaq Composite COMP, +0.25% gained 0.

Fed's Logan said Thursday that the economic data points so far don't justify skipping a rate increase at the central bank's next meeting in June, and she remained concerned about whether inflation is falling fast enough. Fed funds futures traders priced in a 31% chance of another quarter-of-a-percentage-point rate hike by the Federal Reserve in June, according to CME FedWatch Tool.

 

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