• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»U.S. stocks mixed, dollar strengthens as Powell hints at two more rate hikes
Business

U.S. stocks mixed, dollar strengthens as Powell hints at two more rate hikes

June 28, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

NEW YORK (Reuters) – Wall Street was mixed and the dollar rebounded on Wednesday as Federal Reserve Chairman Jerome Powell suggested two more rate hikes are in the cards.

Examples of Japanese yen banknotes are displayed at a factory of the National Printing Bureau producing Bank of Japan notes at a media event about a new series of banknotes scheduled to be introduced in 2024, in Tokyo, Japan, November 21, 2022. REUTERS/Kim Kyung-Hoon

The Nasdaq advanced, powered by megacap momentum stocks, while the S&P 500 was essentially unchanged and healthcare stocks pulled the Dow into negative territory.

“There’s a lack of near-term catalysts and some worry about earnings and rates going forward,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “We’ve had a big rally in the indexes this year, so any plateau or pause doesn’t surprise me in the least.”

Powell, participating in a policy panel along with European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and others, suggested another two hikes to the Fed funds target rate are likely.

“You’ve got to take these people at their word, and they are concerned about getting back to core inflation targets,” Tuz added.

Financial markets are pricing in an 84.3% probability that the central bank will raise the Fed funds target rate by 25 basis points at the conclusion of its July policy meeting, according to CME’s FedWatch tool.

The Dow Jones Industrial Average fell 106 points, or 0.31%, to 33,820.74, the S&P 500 gained 1.46 points, or 0.03%, to 4,379.87 and the Nasdaq Composite added 76.28 points, or 0.56%, to 13,631.96.

See also  January CPI inflation rate slows to 6.4% but monthly inflation rose by 0.5%: Live updates

European stocks advanced as strong U.S. economic data released on Tuesday allayed fears of a steep economic downturn, even as Lagarde warned that the ECB is still not seeing enough evidence of an inflation cool-down.

The pan-European STOXX 600 index rose 0.74% and MSCI’s gauge of stocks across the globe gained 0.15%.

Emerging market stocks lost 0.31%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.19% lower, while Japan’s Nikkei rose 2.02%.

The greenback rebounded from the previous session’s softness, gaining strength as Powell participated in the central bank policy panel.

The dollar index rose 0.47%, with the euro down 0.53% to $1.0901.

The Japanese yen weakened 0.33% versus the greenback at 144.55 per dollar, while Sterling was last trading at $1.2611, down 1.06% on the day.

Treasury yields softened as investors looked to Friday’s PCE price index for further signs of slowing inflation.

Benchmark 10-year notes last rose 5/32 in price to yield 3.7504%, from 3.768% late on Tuesday.

The 30-year bond last rose 3/32 in price to yield 3.8359%, from 3.84% late on Tuesday.

Crude prices reversed course and were last higher as a larger-than-expected drop in U.S. crude inventories offset fears of rate hikes and slowing demand.

U.S. crude rose 1.17% to $68.49 per barrel and Brent was last at $73.34, up 1.14% on the day.

Gold prices touched a 3-1/2 month low as investors bet on a higher-for-longer Fed rate policy.

Spot gold dropped 0.4% to $1,906.39 an ounce.

Reporting by Stephen Culp; Additional reporting by Nell Mackenzie; Editing by Nick Zieminski

See also  Rory McIlroy Just Misses a Hollywood Ending at the U.S. Open
Dollar hikes Hints mixed Powell rate Stocks Strengthens U.S
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

National study of resident physicians suggests need for federal work hour guideline changes

April 13, 2023

‘American Born Chinese’ Review: EEAAO Cast Reunites In Disney+ Comedy

May 24, 2023

IMF chief says there’s no slowdown in US lending

June 5, 2023

Ukraine Dam Destruction A “Consequence” Of Russian Invasion: UN Chief

June 6, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Morgan Stanley’s Wilson Says Earnings Won’t Fuel Stock Rally

July 10, 2023

Suge Knight Refuses to Testify in Tupac Murder Trial Against Suspect Keffe D

October 3, 2023

160 Positive Monday Quotes for Work, Motivation and a Great Week

February 14, 2025
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.