The S&P 500 was 0.7 per cent lower in afternoon trading and on track to close out its first losing month in the last six. It’s lost momentum since setting records through the early part of the year, and April is on pace to be its worst month since September.The Dow Jones was down 0.8 per cent and the Nasdaq composite was 0.9 per cent lower. The Australian sharemarket is set to fall, with futures at 4.53am AEST pointing to a drop of 76 points, or 1 per cent, at the open.
The Fed itself was earlier penciling in three cuts to rates during 2024, but top officials have recently hinted rates may stay high for longer as they wait for more confirmation inflation is heading down toward their 2 per cent target. The Fed’s main interest rate is sitting at the highest level since 2001, which puts downward pressure on the economy and investment prices.
Helping to keep the market’s losses in check was 3M, which rose 3.1 per cent after reporting stronger results and revenue than forecast. Eli Lilly climbed 5.9 per cent after turning in a stronger profit than expected on strong sales of its Mounjaro and Zepbound drugs for diabetes and obesity. It also raised its forecasts for revenue and profit for the full year.
Source: News Formal (newsformal.com)
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