· Stocks fell on Tuesday, led lower by sharp declines in tech, after comments from top Federal Reserve officials cooled investor optimism around a potential rate cut next month.
The Dow Jones Industrial Average closed 178 points lower, notching its biggest one-day loss since May 31. The S&P 500 lost 0.95%.The Nasdaq Composite dropped 1.5%.
· Fed Chair Jerome Powell said the central bank is assessing whether current economic uncertainties call for lower rates. Powell noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been. The central bank also believes U.S. inflation will return to 2%, albeit at a slower pace than expected, Powell added. He also said the Fed remains independent of “short-term political interests. ”
· European stocks closed slightly lower Tuesday amid heightened geopolitical tensions between the U.S. and Iran, as well as ongoing trade uncertainty.
The pan-European Stoxx 600 closed provisionally just below the flatline. Auto and retail stocks led the losses with 1% declines, while basic resources climbed 0.7%.
· Stocks in Asia fell on Wednesday morning after U.S. Federal Reserve Chairman Jerome Powell tempered expectations for a potential interest rate cut.
The Nikkei 225 in Japan declined 0.5% in early trade, with shares of index heavyweights Fast Retailing and Softbank Group slipping. The Topix index also fell 0.46%.
In South Korea, the Kospi shed 0.12%, while Australia’s S&P/ASX 200 slipped 0.2%.
Reference: CNBC
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