US stocks declined on Thursday, reversing initial gains following several security incidents in the United States over the past few days. This cautious start to the year follows a strong performance in 2023, with the NASDAQ Composite surging over 28%, the S&P 500 rising 23%, and the Dow Jones Industrial Average gaining nearly 13%. The Atlanta Fed GDPNow model has lowered its growth estimate for the fourth quarter of 2024 to 2.6% from a previous 3.1% forecast.
This revision, announced today, is attributed to recent data releases from the US Census Bureau, which indicate a slowdown in manufacturing growth in China and a contraction in private domestic investment growth. These factors have contributed to the reduced growth expectations for the final quarter of 2024. Investors are closely watching Trump's economic and international policies as he assumes office in January. Trump's expansionary policies, including hefty trade tariffs against major trading partners like China, Canada, and Mexico, are causing uncertainty and prompting some profit-taking after an initial rally following his election victory. Concerns remain that Trump's policies could lead to persistent inflation, potentially limiting the Federal Reserve's ability to cut interest rates significantly in 2025
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