Nasdaq, S&P retreat as rate hike fears cool rally
STORY: Stocks struggled on Thursday despite fresh evidence of cooling inflation... as investors, at first relieved, came around to the view that while price pressures are easing, the Federal Reserve still needs to aggressively boost interest rates to fully tame rising prices.
The S&P closed a tad lower after earlier hitting fresh three-month highs following data that showed the U.S. producer price index unexpectedly fell in July.
But policy-makers have left little doubt they will tighten monetary policy until inflation pressures fully abate.
Michael Vogelzang is Chief Investment Officer of CAPTRUST.
“I think 50 basis points is as good a bet as any at the moment for September. And the Fed has already said they're going to be data dependent and watch and wait and see what happens for the next couple of meetings during the year. So, you know, it wouldn't surprise us if we get to another 100 or 120, 550 basis points, even by the beginning of 2023. But that's going to be somewhat data dependent. But again, we think inflation's going to be harder to cure rather than softer or easier to cure. And as a result, the Fed's bias is still tight. And that's going to eventually that's going to weigh back on this market.”
The Dow closed roughly flat, same with the S&P, and the Nasdaq dropped a little over half a percent.
In earnings-driven news, Walt Disney jumped 4.7% as the media giant edged past rival Netflix with 221 million streaming customers and announced it will increase prices for customers who want to watch Disney+ or Hulu without commercials.
Online dating site Bumble fell 8.6% after cutting its full-year revenue forecast as it grapples with competition from rival Match Group.
相關影片推薦
- 2:00跟著AI賺一波~分析師推這幾檔ETF!進擊的荷包59,800 次觀看・1 週前
- 2:53寶林茶室負責人恐轉被告 欠債起底檢警疑內情不純華視影音129,456 次觀看・1 天前
- 1:09韓女星聚餐醉到不省人事 老公被拍到「背她上車」事後甜喊:我一輩子對你好娛樂星聞86,743 次觀看・20 小時前
- 1:58墨西哥逾10萬人失蹤 家屬尋親發現「祕密墳場」驚現火化爐、無名墳Yahoo奇摩(國際通)16,474 次觀看・8 小時前
- 1:31穿睡衣褲上班! 中國員工「噁心穿搭」風潮|#鏡新聞鏡新聞4,189 次觀看・23 小時前
- 1:48美樂透「兆彩」連槓30次 頭獎361億元終開出 創紐澤西紀錄Yahoo奇摩(國際通)66,633 次觀看・8 小時前
- 0:45台北橋塞爆! 卡40分鐘 騎士控紅綠燈調配出包東森新聞影音53,028 次觀看・4 小時前
- 1:05王力宏被爆「出軌徐若瑄」法院判決出爐 經紀人曝動向賠償款項全捐孤兒院娛樂星聞16,372 次觀看・3 天前
- 1:17Angelababy瘋馬秀後復出 仍被踢出11年節目? 《奔跑吧》全新陣容「她」接替baby2個代言!娛樂星聞13,341 次觀看・2 天前
- 9:18番茄這樣做竟然這麼好吃,不用炸不用煎,加1塊豆腐,能讓你多吃兩碗飯,香!.芭樂媽的家 Qistin Wong TV61,828 次觀看・3 天前