Benchmark S&P 500 index closed up 0.5 per cent overnight but concerns about slowing economic growth stunted gains and the Dow dipped as bank stocks sank after warnings of current-quarter weakness while energy shares tumbled.By Samuel Yang
Bankstocks also fell sharply, tracking a selloff in US lenders with analysts citing downbeat comments from Goldman Sachs CEO David Solomon.The oil and gas sector also fell 1.6% as Brent crude prices slipped below $US70 per barrel for the first time since December 2021. The path for interest rates and economic growth in the world's largest economy has largely set the tone for global markets over the past months.
The merger involves brands Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti. Retail analyst Geoff Dart says the deal makes sense for the 124-year-old department store chain, which has been struggling to appeal to younger shoppers and has "nothing to lose" from buying up the fast-fashion retailers. Energy was the biggest percentage decliner among the benchmark's 11 industry indexes, losing 1.9%, as crude oil futures fell after OPEC+ cut its 2024 and 2025 demand forecast.
The warnings from banks overshadowed an announcement by the Federal Reserve's regulatory chief of a plan to significantly ease an earlier proposal to raise big banks' capital.