US stocks pulled back on Thursday, losing grip of gains from this week’s soaring rally as investors started to question the idea the Federal Reserve is poised to pivot away from interest-rate hikes.
Futures on the Dow Jones Industrial Average (^DJI) dropped 0.2%, while benchmark S&P 500 (^GSPC) futures slipped 0.2%. Contracts on the tech-heavy Nasdaq 100 (^NDX) fell over 0.3%.
Stocks have climbed as investors became more convinced that cooling inflation is signaling to Fed policymakers that their work is done and they can ease back on tightening. The Dow has risen for four days in a row and closed Wednesday at its highest level since August.
Some on Wall Street now wonder whether market is overdoing its expectations of a shift, given the consumer resilience shown in Wednesday’s retail data and Target (TGT) earnings. Pimco CIO Daniel Ivascyn warned there was “too much enthusiasm” about rate cuts, saying “the inflation problem is far from being solved.”
Walmart (WMT) reported quarterly…
2023-11-16 07:49:59
Post from finance.yahoo.com
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