Wall Street slips as its big rally cools some more

The big questions remain whether the economy will avoid a recession, how corporate profits will do and where interest rates are heading. Hanging over them all is whether the stock market’s big run this year was overdone, as critics suggest.

Yields have climbed as the economy has remained remarkably resilient despite much higher interest rates meant to drive down inflation. The U.S. government also continues to borrow heavily. Critics say a consensus has formed too quickly on Wall Street that inflation will continue to moderate and that the Fed can not only halt its hikes to rates but even begin cutting them early next year.

Qualcomm tumbled 8.2 percent for one of the larger losses in the S&P 500. It reported weaker revenue for the spring than expected, even though its profit topped forecasts.

Source: News Formal (newsformal.com)

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