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Wall Street experienced a rude awakening the day after the Federal Reserve’s June policy meeting, as investors sold off risky assets and shifted to safer bonds and cash in response to the latest batch economic data.
Although May’s producer inflation was lower than expected, reinforcing the disinflation narrative and likely boosting the Fed’s confidence on the return to the 2% target, an unexpected increase in unemployment claims dampened risk sentiment, as investors fear symptoms of labor market weakness.
The S&P 500 Index was 0.2% lower, potentially snapping a three-day winning streak. The tech-heavy Nasdaq 100 marginally rose by 0.2%, aided by the positive performance of Broadcom Inc. (NASDAQ:AVGO), Tesla Inc. (NASDAQ:TSLA) and Nvidia Corp. (NASDAQ:NVDA), as more than 80 tech members within the index traded in the red.
Blue chips fell 0.8%, while small caps, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), tumbled 1.5% erasing all Wednesday’s gains.
Treasury yields continued to fall, with the 10-year yield reaching 4.25%, eyeing the lowest close since late March.
Long-duration bonds, followed by the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) are up 1.1% for the day, pushing the weekly performance to 2.2%, the highest since late January.
Despite traders increasing their bets on Fed rate cuts, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), surprisingly rallied by 0.6%.
Fed futures currently indicate a 70% chance on a September rate cut, with traders eyeing 54 basis points of cumulative cuts by the end of the year.
Gold, impacted by the rising dollar, dropped 1% to $2,300 per ounce, while Bitcoin (CRYPTO: BTC) fell over 2% to $66,500, nearing its lowest close since May 19.
Major Indices | Price | 1-day change (%) |
Nasdaq 100 | 19,504.77 | 0.2% |
S&P 500 | 5,411.85 | -0.2% |
Dow Jones | 38,455.94 | -0.7% |
Russell 2000 | 2,020.99 | -1.3% |
According to Benzinga Pro data:
Now Read: Ice Cold Producer Inflation Data Sparks Economist Reactions – ‘More Data In The Correct Direction’
Image: Midjourney
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