NEW YORK, May 1 — US stocks ended lower yesterday as markets weighed economic data showing rising labour costs and deteriorating consumer confidence on the day of a key Federal Reserve policy meeting to decide the direction of interest rates.
The reports came a day before the Federal Reserve Open Market Committee ends its two-day meeting, with investors widely expecting the central bank to leave interest rates unchanged. “But nothing has changed: growth is still strong, labour markets are holding up, and ultimately we’re taking a little bit of breather in the disinflation process,” Melson added.
Shares of GE HealthCare shrank after its first-quarter revenue missed analyst estimates, 3M gained after posting a better-than-expected quarterly profit.
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