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On Thursday, technology equities led a dive on Wall Street, with the S&P 500 keeping to 15-month minimums and the Nasdaq heading for bear market territory, right after the key US financial institution confounded expectations for a toned-down approach to its interest-rate hike plan.
Contributing to the gloom were several downbeat earnings reports and also the American Congress trying to agree on a funding bill before a Friday midnight deadline for the purpose of preventing a partial shutdown of the US cabinet.
The Nasdaq tumbled by 2.3% demonstrating its session minimum and pushing the tech-heavy index over 20% below its August 29 maximum. Market experts are assured that if it manages to conclude at those levels, bear territory for the index will be confirmed.
The key US bank’s move on Wednesday to mostly keep to its plan for more rate lifts over the next two years as well as Jerome Powell's initiative to keep the Fed’s balance sheet-reduction plan in the auto mode spooked traders already concerned about decelerating economic surge.
It provoked a retreat in surge sectors, including healthcare and technology because market participants looked for comfort in the relative safety of defensive sectors, including real estate and utilities.
The technology sector that had led most of the market's long lasting bull marathon also found itself in bear market territory with its session minimum. Last the index declined by 2.01%, thus becoming the top drag on the market.
As for consumer equities, they also tumbled on fears of higher borrowing costs contributing to signs of decelerating consumer spending in the run-up to Christmas. As a matter of fact, the consumer discretionary index went down by 2.36%, while the traditionally defensive staples sector headed south by 1.46%.
ET the Dow Jones Industrial Average lost 1.77% reaching 22,911.29. Moreover, the S&P 500 tumbled by 1.46%.
On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…
On Wednesday, Italian stocks led losses in the European Union right after the country's deputy prime minister told that Rome considers breaking EU fiscal rules, thus masking early revenue powered by optimism around the US-China trade conflict…
On Tuesday, another US-China tariff conflict escalation put pressure on Asian stocks, although remarks from American leader that he expects trade talks to be successful backed market sentiment…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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