Stocks lost more ground on Wall Street Wednesday, led by declines in the technology and energy sectors. The S&P 500 fell 0.2% Wednesday, following a 2.1% drop a day earlier. The Nasdaq composite dropped 0.3%. The Dow managed a gain of 38 points, or 0.1%. Job openings in the U.S. fell unexpectedly in July, a sign that hiring could cool in the coming months. Shares of U.S. Steel sank 17.
Health care stocks also helped pull the market lower. Eli Lilly and Co. was 1.61% lower, Elevance Health dropped 2.9% and Centene slumped 8.1%. The employment market is being closely watched by investors and the Federal Reserve as a gauge of the economy’s strength. The job openings report hit Wall Street as traders anticipate that the Federal Reserve will start cutting its benchmark interest rate at its meeting later in September.
Several other reports this week will help give a clearer picture of the economy for the Fed and Wall Street. Wall Street expects the central bank to begin trimming interest rates at its meeting later in September. Traders are forecasting that it will cut the benchmark rate by 1% by the end of 2024. Such a move would require it to cut the rate by more than the traditional quarter of a percentage point at one of its meetings in the next few months.
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