Wall Street stocks fall as markets weigh strong wage data, Fed meeting

NEW YORK, April 30 - U.S. stocks traded lower on Tuesday as markets weighed economic data showing rising labor costs and deteriorating consumer confidence on the eve of a key Federal Reserve policy meeting to decide the direction of interest rates.

Ten out of the 11 S&P 500 sectors were trading lower, led by stocks in energy, consumer discretionary, materials, industrials and technology sectors. Equities in utilities and healthcare sectors were making gains after paring early session losses. "But nothing has changed: growth is still strong, labor markets are holding up, and ultimately we're taking a little bit of breather in the disinflation process," Melson added.

Shares of GE HealthCare, opens new tab, opens new tab shrank 13.3% after its first-quarter revenue missed analyst estimates, 3M , opens new tab gained 3.3% after posting a better-than-expected quarterly profit. Of the 265 companies in the S&P 500 that have reported earnings to date for the first quarter, 79.2% have beat analyst estimates, compared with the long-term average of 67%, according to LSEG I/B/E/S data.

Source: News Formal (newsformal.com)

Gold Silver Platinum Palladium PGM Platinum Group Metals Metals Precious Metals Mining News Crypto News Bitcoin News Ethereum News Mining News Interviews Economic Reports Forecasts Central Banks US Dollar Charts Tech Metals Rare Earth Metals Currency Global Economy International Policy Politics Bank Forecasts Market Nugget Mining Minutes Roundups

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street says a Wall Street revival is finally hereBig bank bosses are not hiding their enthusiasm about Wall Street as first-quarter jumps in investment banking spur new hopes for a sustained dealmaking...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Wall Street stocks gain as investors focus on Fed movesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Markets today: Wall Street roiled as data crush Fed-pivot hopesWall Street was rattled by data that showed exactly what investors did not want to hear: a sharp slowdown in the world’s largest economy and stubborn inflationary pressures.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Wall Street Fires Up Deals for Preferred Shares With Fed on HoldFading hopes that the Federal Reserve will soon cut rates are prompting US banks to re-evaluate the cost of their preferred stocks, potentially sparking a rush of deals for the crucial source of capital.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Wall Street Banks May Redo Key Profit Guidance on Fewer Fed CutsJust months ago, Wall Street’s biggest banks took turns warning a record run for their biggest source of revenue was poised to end. Now, some are expected to revise up their forecasts for earnings from lending.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Wall Street Divided on Whether Fed Should Cut Rates Amid Strong US DataRecent stronger-than-expected data in the US is prompting questions of whether rate cuts are advisable for an economy that is finally coming off the inflation boil and showing signs of reacceleration in certain areas.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »