NEW YORK, Jan 13 — Wall Street’s main indexes dipped today as remarks from major US bank executives deepened concerns about the Federal Reserve’s monetary tightening slowing economic growth, while Tesla slumped on news of price cuts.
The bank’s Chief Executive Jamie Dimon listed a number of uncertainties facing the economy including geopolitical tensions and sticky inflation. Wells Fargo & Co and Citigroup Inc fell short of quarterly profit estimates, sending their shares down 3.9 per cent and 0.6 per cent respectively. Keeping the pressure off the Dow Jones, UnitedHealth Group Inc rose 1.9 per cent after beating Wall Street expectations for fourth-quarter profit.
Money market participants see a 91.6 per cent chance the Fed will hike the benchmark rate by 25 basis points in February, but see the terminal rate at 4.93 per cent by June after the December inflation print.
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