31.3 C
Thursday, May 23, 2024

Wall Street: The worst month since September 2022 for the Dow

Must read

April turned out to be a particularly negative month for all three indicators

Wall Street: χεερος απο σ ;ποβογον All three Wall Street stock indexes closed in the red in today's session, as higher-than-expected US wage costs fueled fresh inflation concerns ahead of the Federal Reserve meeting tomorrow night.</p>
<p>The S&P 500 ended down 1.57%, closing at 5,035.69 points, its biggest drop since January. The Dow Jones lost 570.17 points, or 1.49%, to end the session at 37,815.92. As for the Nasdaq, it closed down 2.04%, at 15,657.82 points.</p>
<p>April turned out to be a particularly negative month for all three indexes: The Dow lost 5% of its value in its worst monthly performance since September 2022. The S&P 500 slid 4.2% on the month, while the Nasdaq lost 4, 4% of the value. All three indexes snapped their five-month streak.</p>
<p>The U.S. Labor Department said the labor cost index rose 1.2 percent in the first quarter, against expectations for a 1 percent increase. The US 10-year yield rallied immediately after the data, with the two-year yield above 5% and back to its highest level since November.</p>
<p>The Fed wraps up its meeting on Wednesday and its officials may show reluctance to cut interest rates in the short term as inflation data is expected to show rising inflationary pressures.</p>
<p>However, despite April's decline, the S&P 500 is still up more than 20% from last October's low, as investors bet the US economy will withstand high interest rates. Last month's data raised questions about whether persistent inflation will weaken the economy, keeping the Fed on an accommodative tone. McDonald's warned that consumers will become more selective due to higher prices.</p>
<p>Nvidia moved into the red, closing the session down 1.5%, after falling 4% in April. AI's “favorite child” had been rallying for five consecutive months through the end of March. Amazon also showed a 3% drop in the session.</p>
<p>Investors are also looking forward to the April employment data in the US with particular interest.</p>
<div class=Source: www.kathimerini.com.cy

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article