S&P 500 Micro Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) Wednesday closed down -1.11%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.61%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.83%.
Stock indexes Wednesday closed sharply lower. Stocks were under pressure Wednesday the entire day as a chorus of hawkish Fed comments reinforced the outlook that the Fed will need to keep raising interest rates and keep rates higher for longer to curb inflation. Weakness in technology stocks also weighed on the overall market as Alphabet sank more than -7% on concern its new artificial intelligence chatbot Bard may yield incorrect responses.
Minneapolis Fed President Kashkari said there's little evidence that the rate hikes done so far have had much effect on the labor market, so the FOMC "needs to do more" to get the labor market into balance. Also, Fed Governor Waller said we need more inflation moderation before changing the outlook, and the Fed may need... Read more