Home » U.S. stocks slumped, the Nasdaq fell below 16,000 points, and Fed officials emphasized that the fight against inflation is not over_ Oriental Fortune Network

U.S. stocks slumped, the Nasdaq fell below 16,000 points, and Fed officials emphasized that the fight against inflation is not over_ Oriental Fortune Network

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U.S. stocks slumped, the Nasdaq fell below 16,000 points, and Fed officials emphasized that the fight against inflation is not over_ Oriental Fortune Network

U.S. Stocks Continue to Slide as Nasdaq Drops Below 16,000 Points

On Wednesday, the three major stock indexes in the United States ended lower, with the S&P 500 down 0.2%. U.S. Treasury yields also fell, hitting a one-week low, and the U.S. GDP in the fourth quarter of last year was revised down to 3.2%.

The market correction continued as investors digested the latest GDP data and comments from Federal Reserve officials. The focus was on the impact of upcoming inflation data on the timing of interest rate cuts by the Fed.

At close, the Dow fell 0.06% to 38,949.02 points, the Nasdaq dropped 0.55% to 15,947.74 points, and the S&P 500 fell 0.17% to 5,069.76 points.

New York Fed President Williams stated that the fight against inflation is far from over, emphasizing that there will be challenges in guiding inflation back to the 2% target. Boston Fed President Collins noted that it may be appropriate to start cutting interest rates later this year.

Mid- and long-term U.S. bond yields fell slightly, with the 2-year U.S. bond hitting a one-week low. Traders are now postponing bets on the first rate cut from March to June due to sticky inflation and a strong U.S. economy.

In company news, shares of Beyond Meat surged 30.7%, while Google’s parent company Alphabet fell 1.9% after addressing AI image generation issues. Tesla rose 1.2% as CEO Musk announced the completion of the Roadster’s product design.

The U.S. Department of Commerce reported a slight decrease in the fourth-quarter GDP growth rate to 3.2%. The merchandise trade deficit expanded in January, and oil prices fluctuated.

Overall, the market remains volatile as investors await further economic data and Fed decisions on interest rates.

See also  U.S. stocks closed mixed, the Nasdaq bottomed out and closed up slightly – yqqlm

Source: China Business News.

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