The broader S&P 500 fell 1.79 percent to 3,999 points, and the tech-heavy Nasdaq 100 fell 1.73 percent to 11,787 points.
After the Dow peaked well since April, concerns resurfaced earlier this week that the US Federal Reserve may have more room for further rate hikes than previously hoped. As a result, the index fell further from its intermediate high.
A surprisingly good index of ISM service industry purchasing managers contributed to this. At times of high inflation, good economic data is seen as a sign that the Fed can tighten interest rates further without jeopardizing the economy too much.
Interest rate concerns have superceded signals of some easing in China’s corona policy, which had previously driven Chinese stock markets. Many cities are bringing cautious relief after protests with zero Covid precautions.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
