US stocks came under heavy selling pressure Thursday as weak economic data and another sharp sell-off in chip stocks spurred losses across all three major indexes one day after the Federal Reserve signaled a likely rate cut in September. The tech-heavy Nasdaq Composite led losses, falling 2.
Piper Sandler's chief investment strategist Michael Kantrowitz reasoned Thursday's action showed markets digesting recent economic data as "bad news," despite potentially pointing to steeper Fed rate cuts in 2024. "When yields go down it could still be a good thing going forward if it comes from lower inflation," Kantrowitz told Yahoo Finance. "But if it comes from higher unemployment, bad , bad earnings, and bad macro data.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market news today: Stocks whipsaw after steep Big-Tech sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: US stocks steady after steep Big Tech-led sell-offEarnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market today: World stocks fall as investors are underwhelmed by Big Tech earningsWorld stocks fell Wednesday as the earnings reporting season ramped up for big companies, with investors showing a lack of enthusiasm for results so far.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: US stocks wobble amid earnings flood, with Big Tech on deckA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: US stocks rise amid earnings flood, with Big Tech on deckA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market news today: US stocks waver amid earnings flood, with Big Tech on deckA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »