![]() ![]() As of Wednesday afternoon, traders are pricing in a greater than 40% probability of a hike in November and a 93% chance that the central bank holds rates steady this month, according to the CME Group. The prices paid component rose slightly more than expected, further fueling rate hike fears.įollowing the services report, the probability that the Federal Reserve will raise interest rates in November increased. While readings below 50% represent contraction in the ISM survey, the big one-month jump is a reversal from the recent trend. That follows the prices component of the ISM manufacturing index jumping 5.8 points to 48.4%. The prices component of the ISM services index rose 2.1 percentage points to 58.9% in August, representing the share of companies reporting increases as well a four-month high. "The ISM reinforced all the concerns that have been bedeviling stocks for weeks – higher yields undercut stock valuations, robust growth sticky inflation keep pressure on the Fed, healthy growth gives a further bid to oil," said Vital Knowledge's Adam Crisafulli in a Wednesday note. economy show that prices are moving in the wrong direction. Recent readings on both the services and manufacturing sectors of the U.S. Wednesday's rise in Treasury yields coincided with stronger-than-expected economic data that fueled some concern over the likelihood of further hikes. ![]() Along with Apple, Amgen and Boeing fell about 2% each, weighing on the Dow. ![]() The biggest laggards included Nvidia and Apple, dropping more than 3% each. Pressured by rates, technology stocks underperformed, with the tech-heavy Nasdaq notching a third straight day of losses. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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