US Stocks Edge Up, Micron Suffers Worst Day Since March 2020, Bond Yields Surge: What’s Driving Thursday’s Markets?
The day after a volatile Federal Reserve meeting, Wall Street grappled with the stark reality of Fed Chair Jerome Powell‘s cautious tone on cutting interest rates in 2024. The message left investors weighing the impact of higher-for-longer interest rates amid a still-resilient economy.
Despite the hawkish undertones, stocks managed to stabilize, with major indices posting modest gains as dip-buyers emerged.
The S&P 500 rose 0.5%, recovering from a steep 3% selloff on Wednesday—its worst one-day drop since September 2022. The Dow Jones Industrial Average gained 0.4%, attempting to break a staggering 10-day losing streak, its longest since 1974, while the tech-heavy Nasdaq 100 edged 0.3% higher.
While equities regained some ground, market conviction remains tepid as investors brace for Friday’s release of the November inflation report, a critical data point for the Federal Reserve’s future policy decisions. The report could either reaffirm the Fed’s hawkish stance or inject hope for an …
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