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US stocks have been under continued selling pressure this year, with the benchmark S&P 500 index recording its sharpest first-half decline since 1970. federal Reserve Gets away from the easy-money policy by raising the cost of borrowing.
Investors are waiting for minutes irrigatedThey are set for another 75-basis-point rate hike at the end of the month as they meet in June on Wednesday.
Traders are also tracking economic data, including a June non-farm payrolls report expected on Friday, and comments on the company’s approach to inflation peaking and cooling economic growth, including another earnings season just around the corner. Is.
Data showed higher-than-expected growth in May for US-made goods shows demand for the products remains strong, even as the Fed seeks to cool the economy.
Separately, trade growth in the euro area slowed further in June and European natural gas prices bounced back, raising concerns about a recession in the bloc.
Bill Northey, senior investment director at US Bank Wealth Management in Minneapolis, said, “The risks of an outright recession are non-zero and the likelihood is increasing at this point that a recession could emerge later – this year, or perhaps even early 2023.” ” “And the US labor market is looking pretty healthy.”
The Dow Jones Industrial Average fell 129.44 points, or 0.42%, to 30,967.82, the S&P 500 rose 6.06 points, or 0.16%, to 3,831.39, and the Nasdaq Composite rose 194.39 points, or 1.75%, to 11,322.24.
The benchmark US Treasury yield fell on Tuesday and a major part of the yield curve turned upside down for the first time in three weeks as economic growth concerns dampened risk appetite and increased demand for safe-haven US debt.
Eight of the 11 key S&P sectors ended up, with communications services gainers and energy recording the biggest declines, marking a five-month low. Fears of a recession darkened the outlook for oil demand. done.
Volume on US exchanges stood at 12.39 billion shares, compared to an average of 13.03 billion for the full session over the past 20 trading days.
The decline of issues leading to a 1.33-to-1 ratio on the NYSE; On the Nasdaq, a 1.37-to-1 ratio favored advances.
S&P 500 posts 1 new 52-week high and 51 new lows; The Nasdaq Composite posted 13 new highs and 308 new lows.
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