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By Staff Reporters
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U.S. equities ended the day lower in a cautious trading session as the markets reacted to a host of economic and corporate data. Investors also weighed comments from Fed officials who signaled that the rate-hiking campaign to slow the pace of inflation is not considered sufficiently restrictive.
On the economic front, housing starts and building permits fell, jobless claims moderated slightly more than expected, while manufacturing activity in Philadelphia tumbled.
Earnings reports again offered mixed results, as Cisco Systems beat on both the top and bottom lines, but NVIDIA fell well short of estimates amid the continued problems plaguing the chip industry, and Macy’s topped forecasts amid strength in its luxury units.
Treasury yields were higher, and the U.S. dollar rose, while crude oil prices fell, and gold lost ground.
European stocks were lower for the most part, as geopolitical tensions dampened investor sentiment, and as the U.K. announced its new budget plans. Markets in Asia finished mostly lower amid weakness in technology stocks.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Financial Planning, Investing | Tagged: FOMC, Hawks, inflation, interest rates, rate setting, stocks, stocks down, Stocks Down by FOMC Hawks |
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