NEW YORK, May 1 — The tech-heavy Nasdaq and the benchmark S&P 500 slipped on Wednesday as chip stocks led losses on downbeat results and markets weighed fresh economic data ahead...
Pundits: Ramasamy’s anti-Pakatan campaign will chip away at KKB majority, but not enough for a Perikatan upset on May 11The US central bank is widely expected to hold rates at the end of its two-day meeting, after a spate of recent disappointing inflation readings crushed bets of rapid rate cuts this year.
Money markets are pricing in just about 30 basis points of rate cuts in 2024, down from around 150 bps seen at the start of the year, according to LSEG data.“The Fed from a more credibility perspective has to acknowledge that the last few months have not been helpful in terms of data,” said Russell Hackmann, president of Hackmann Wealth Partners.
Helping the blue-chip Dow advance, Amazon.com outperformed other growth stocks to rise 3 per cent on better-than-expected quarterly results as interest in artificial intelligence helped drive cloud-computing growth. After a rough April, May will further test the performance of equity markets as the first-quarter earnings season continues and the interest rate outlook becomes clearer.
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