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U.S. stock indexes closed lower on Tuesday as investors grew more cautious ahead of CPI report and a meeting to discuss the U.S. debt ceiling.
A gauge of global equity markets rose and the dollar was mostly flat on Monday as expected talks in Washington about the debt ceiling raised concerns, while U.S. inflation data later this week should add clarity on Federal Reserve monetary policy.
The dollar was trading flat on Friday after jobs gains and wage growth for April beat economists’ forecasts but showed downward jobs revisions for March.
Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of banks.
The Fed raised interest rates by 25bp and signalled a pause in further increases to assess the fallout from recent bank failures, wait on the resolution of a political standoff over the U.S. debt ceiling.
The dollar gained with Treasury yields as investors digested Friday’s data and waited for the Fed’s decision due on Wednesday as well as key upcoming economic data.
Major U.S. indexes fell more than 1% on Tuesday as regional bank shares tumbled on renewed fears over the financial system. The dollar fell to two-week low.
The dollar rose on Thursday as weaker-than-expected U.S. economic growth in the first quarter is viewed as not likely to deter the Federal Reserve from raising interest rates next week.
Oil prices dropped by almost 4% on Wednesday as markets weighed more weak economic data indicative of dire growth outlook.U.S. stocks closed mixed following strong quarterly results from Microsoft and Alphabet that both beat analyst expectations.
The FOMC will likely deliver its third consecutive quarter of a percentage point rate increase and continue to allow assets to roll off of its nearly $8.6 trillion balance sheet in its year-long campaign to get inflation under control without sending the U.S. economy into a recession.
U.S. Stocks sold off as disappointing earnings and economic data fueled recession fears, sending safe havens higher and oil sharply lower.All three major indexes ended down 1% or more, with NASDAQ plunging nearly 2%, the biggest daily drop since March 9.
The dollar and gold have been stuck in a sideways range, with oil up over 1%.Traders are unwilling to take positions before Thursday’s GDP and PCE reading. U.S. growth and inflation is expected to slow further.
The S&P Global US Composite PMI rose to 53.5 in April 2023, up from 52.3 in the previous month, to signal the quickest upturn in business activity since May 2022.
Weak data weighed on U.S. dollar. Gold hovered around $2,000 and oil plunged to the lowest level since the end of March.
