S&P 500, Nasdaq close lower for a second day as investors weigh outlook for higher interest rates; European markets close lower as investors monitor geopolitics and UK budget
Stocks fell Thursday and bond yields jumped as Federal Reserve officials signaled their rate-hiking campaign to slow inflation is far from over. The Dow Jones Industrial Average slipped 7.51 points, or 0.02%, to 33,546.32 — after falling as much as 314 points in the session. The S&P 500 fell 0.31% to 3,946.56. The Nasdaq Composite declined 0.35% to 11,144.96.
Stocks rebounded from lows reached earlier in the day as shares of Cisco Systems jumped nearly 5%. The networking equipment company surpassed expectations in its fiscal first-quarter report, and issued upbeat guidance. Other tech stocks such as Apple and Intel also climbed. Investors weighed comments from St. Louis Federal Reserve President James Bullard, who said in a speech Thursday that “the policy rate is not yet in a zone that may be considered sufficiently restrictive.”
The Stoxx 600 index provisionally closed down 0.5 after fluctuating between marginal gains and losses in early trade. Shares of Siemens climbed after the company beat analyst expectations by raising its dividend on fourth quarter earnings. The move was driven by increased profit across all of Siemens’ industrial businesses and has prompted a 7% increase in share price.
Source: CNBC, Investing.com