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Business News/ Markets / Stock Markets/  Wall Street today: US stocks decline as Fed rate cut worries push yields higher
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Wall Street today: US stocks decline as Fed rate cut worries push yields higher

At 9:49 a.m. ET, the Dow Jones was down 0.96 per cent, the S&P 500 was lower 0.79 per cent, the Nasdaq Composite lost 0.71 per cent

Shares of Microsoft, Alphabet and Meta Platforms fell between 0.3 per cent and 0.6 per cent. Getty Images via AFPPremium
Shares of Microsoft, Alphabet and Meta Platforms fell between 0.3 per cent and 0.6 per cent. Getty Images via AFP

US stock indices edged lower on Wednesday, as concerns around the timing and scale of the Federal Reserve's interest rate cuts pushed Treasury yields higher.

Treasury yields rose to near four-week highs after unexpectedly strong consumer confidence data. The 10-year yield rose to 4.58 per cent from 4.54 per cent late on Tuesday. 

ALSO READ: Wall Street says shift to faster trade settlement smooth so far

At 11:51 a.m., the Dow Jones Industrial Average fell 348.51 points, or 0.90 per cent, to 38,504.35, the S&P 500 lost 32.77 points, or 0.62 per cent, to 5,273.27 and the Nasdaq Composite lost 75.58 points, or 0.44 per cent, to 16,944.30.

At 9:49 a.m. ET, the Dow Jones Industrial Average was down 372.81 points, or 0.96 per cent, at 38,480.05, the S&P 500 was down 41.93 points, or 0.79 per cent, at 5,264.11, and the Nasdaq Composite was down 121.39 points, or 0.71 per cent, at 16,898.49.

At the opening bell, the Dow Jones Industrial Average fell 136.6 points, or 0.35 per cent, to 38716.28. The S&P 500 fell 27.3 points, or 0.51 per cent, to 5278.73, while the Nasdaq Composite dropped 140.5 points, or 0.83 per cent, to 16879.349.

ALSO READ: US stock markets: American Airlines shares plunge over 14% on Q2 profit forecast cut

The US dollar rose 0.2 per cent against its rival currencies.

Hawkish comments from Minneapolis Fed Bank president Neel Kashkari also weighed on market sentiment.

On Tuesday, Kashkari said that the US Federal Reserve should wait for significant progress on inflation before cutting interest rates. 

Shares of Microsoft, Alphabet and Meta Platforms fell between 0.3 per cent and 0.6 per cent.

Marathon Oil shares climbed 8.68 per cent after ConocoPhillips said it would buy the company in an all-stock deal for a little over its $15 billion market value.

ConocoPhillips shares fell 2.9 per cent.

American Airlines stock tumbled 13.0 per cent after the airline slashed its second quarter profit forecast.

Stock of Chewy, online seller of pet supplies, jumped 20.2 per cent after reporting stronger quarterly profit than expected.

Crude oil

Oil prices extended gains on Wednesday as another attack on a vessel in the Red Sea added to heightened geopolitical tensions in the Middle East.

Brent futures rose near $85 after ending 1.4 per cent higher on Tuesday, while West Texas Intermediate traded above $80.

Bullion

Gold prices dropped on Wednesday on a stronger US dollar and higher bond yields.

Spot gold was down 0.7 per cent at $2,345.62 per ounce by 10:00 a.m. ET (1400 GMT). US gold futures fell 0.4 per cent to $2,346.10.

Silver eased 0.4 per cent to $31.98 per ounce after hitting an 11-year high last week.

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Published: 29 May 2024, 07:24 PM IST
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