New York: wall Street Shares fell on Wednesday as US Treasury bond yields climbed and minutes of the Federal Reserve’s June meeting indicated the possibility of further interest rate hikes ahead.
When irrigated Voting last month to halt rate hikes after 10 consecutive hikes, minutes of the Fed meeting showed policymakers believe two possible hikes in 2023 will be needed to bring inflation back.
“Almost all authorities expect additional rate hikes this year,” said a note in Oxford Economics. “The Fed’s hawkish arm is making the most noise, suggesting the Fed hasn’t tightened monetary policy.”
Dow Jones The industrial average fell 0.4 percent to 34,288.64.
The broad-based S&P 500 fell 0.2 percent to 4,446.82, while the tech-rich Nasdaq Composite Index also fell 0.3 percent to 13,791.65.
After a strong second quarter, shares have been volatile since early July.
Major indices remained in the red for most of the day as bond yields rose, indicating investors were expecting more interest rate hikes.
General Motors climbed 1.2 percent after reporting a 19 percent jump in second-quarter U.S. car deliveries amid continued strong consumer demand and improved car inventories.
Facebook parent company Meta Platforms rose 2.9 percent as it prepared to launch Threads, a new app described as a competing service to Twitter.
UPS declined 2.0 percent after labor talks with the Teamsters broke down, raising the prospect of a strike next month.
UPS called on the union, which has been holding rallies with workers demanding better wages and benefits, to “return to the table to finalize this deal.”
Major semiconductor stocks including Advanced Micro Devices, Micron Technology and Intel were under pressure. All declined by 1.6 percent or more.
When irrigated Voting last month to halt rate hikes after 10 consecutive hikes, minutes of the Fed meeting showed policymakers believe two possible hikes in 2023 will be needed to bring inflation back.
“Almost all authorities expect additional rate hikes this year,” said a note in Oxford Economics. “The Fed’s hawkish arm is making the most noise, suggesting the Fed hasn’t tightened monetary policy.”
Dow Jones The industrial average fell 0.4 percent to 34,288.64.
The broad-based S&P 500 fell 0.2 percent to 4,446.82, while the tech-rich Nasdaq Composite Index also fell 0.3 percent to 13,791.65.
After a strong second quarter, shares have been volatile since early July.
Major indices remained in the red for most of the day as bond yields rose, indicating investors were expecting more interest rate hikes.
General Motors climbed 1.2 percent after reporting a 19 percent jump in second-quarter U.S. car deliveries amid continued strong consumer demand and improved car inventories.
Facebook parent company Meta Platforms rose 2.9 percent as it prepared to launch Threads, a new app described as a competing service to Twitter.
UPS declined 2.0 percent after labor talks with the Teamsters broke down, raising the prospect of a strike next month.
UPS called on the union, which has been holding rallies with workers demanding better wages and benefits, to “return to the table to finalize this deal.”
Major semiconductor stocks including Advanced Micro Devices, Micron Technology and Intel were under pressure. All declined by 1.6 percent or more.