Market expectations for an interest rate reduction dropped after job and wage growth in May came in better than expected.Stock futures slipped Monday morning after polishing off a winning week on Friday. Dow Jones Industrial Average futures fell by about 0.2%, while S&P 500 futures and Nasdaq 100 futures ticked fractionally lower.stock, increasingly a market driver of late, was also down in premarket trading. Shares of the AI-enabling chipmaker were down 0.2% after a 10-1 split took effect.
U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., May 1, 2024.was bad news for investors waiting for the Federal Reserve to cut rates. Market expectations for an interest rate reductionafter job and wage growth in May came in better than expected.
– CNBC's Sarah Min, Jeff Cox, Fred Imbert, Yun Li, Alex Harring, Mike Wayland and Katrina Bishop contributed to this report.
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