US stocks came under heavy selling pressure Thursday as weak economic data and another sharp sell-off in chip stocks spurred losses across all three major indexes one day after the Federal Reserve signaled a likely rate cut in September. The tech-heavy Nasdaq Composite led losses, falling 2.
Piper Sandler's chief investment strategist Michael Kantrowitz reasoned Thursday's action showed markets digesting recent economic data as "bad news," despite potentially pointing to steeper Fed rate cuts in 2024. "When yields go down it could still be a good thing going forward if it comes from lower inflation," Kantrowitz told Yahoo Finance. "But if it comes from higher unemployment, bad , bad earnings, and bad macro data.
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