Markets Unexpectedly Decline as Fears of Hawkish Fed Spook Investors; Treasury Yields Jump and Bitcoin Slumps to $60,000: What's Behind the Tuesday Market Moves?
Investor apprehension grips Wall Street with major indices showing midday losses on Tuesday in New York trading, ahead of the Federal Reserve’s potentially hawkish pivot in Wednesday’s meeting.The S&P 500 retraced 0.9% after a 2-day positive streak, with the tech-heavy Nasdaq 100 slightly underperforming, down 1.1%.
The Bureau of Labor Statistics reported a 1.2% increase in the employment cost index for the first quarter of 2024, surpassing market expectations of 1% growth and accelerating from the previous three-month period’s 0.9% rise.
The stock market faced renewed pressure as economic data revealed a decline in consumer confidence and persistent wage pressures, putting further pressures on the Federal Reserve.
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