NEW YORK — U.S. stocks closed out their ugly April with even more losses, cementing the market’s worst month since September. The S&P 500 fell 1.6% Tuesday to pull it further from its record set at the end of March. The Dow Jones Industrial Average dropped 1.5%, and the Nasdaq composite sank 2%. Treasury yields rose again to up the pressure on stocks after a report showed workers won bigger gains in pay and benefits during the start of the year than expected.
Stocks began dropping as soon as trading began, after a report showed U.S. workers won bigger gains in wages and benefits than expected during the first three months of the year. While that’s good news for workers and the latest signal of a solid job market, it feeds into worries that upward pressure remains on the economy and inflation.
No one expects the Federal Reserve to change its main interest rate on Wednesday. But traders are now mostly betting the Fed will cut rates either one or zero times through the balance of this year, according to data from CME Group. That’s a big letdown after traders came into the year forecasting six or more cuts.
GE Healthcare Technologies tumbled 13.1% after it reported weaker results and revenue for the latest quarter than analysts expected. F5 dropped 7.8% despite reporting a better profit than expected. Its revenue fell short of forecasts, and it said customers were remaining cautious and forecasting largely flat IT budgets for the year.
This earnings reporting season has largely been better than expected so far. Not only have the tech companies that dominate Wall Street done well, so have smaller companies across a range of industries. “Equities don’t need Fed rate cuts for the rally to continue, all they need is solid earnings growth,” she said.
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