The S&P 500 retreated after earlier hitting fresh three-month highs after data showed the US producer price index unexpectedly fell in July.
With the labour market showing signs of softness as the number of Americans filing new claims for unemployment benefits rose for the second straight week, the Nasdaq turned lower as investors questioned the economy’s strength. Boosting the blue-chip Dow and the S&P 500, banks extended their rally with Goldman Sachs and JP Morgan Chase & Co up more than 1% each.
“We’re becoming a little more worried because the Fed might have to do a little bit more work to try to cool that excess demand side of the equation,” Janasiewicz said.Despite its recent bounce of mid-June lows, the tech-heavy Nasdaq is down 17.8% so far this year as fears of an aggressive monetary policy sapped appetite for equities, particularly high-growth stocks.
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