NEW YORK: US stocks ended lower on Wednesday (May 3), reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the US central bank's next move would be with interest rate hikes. Indexes initially held onto gains following the Fed's statement. It
NEW YORK: US stocks ended lower on Wednesday , reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the US central bank's next move would be with interest rate hikes. Indexes initially held onto gains following the Fed's statement., as expected, and signalled it could pause further hikes.
"The Fed continues to walk the tightrope, and that is they're trying to strike a balance between their inflation fighting credibility while trying to engineer a soft landing," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. Heading into the session, investors had been anxious for any signals from the US central bank on whether Wednesday's increase would be the last hike for now.
Advanced Micro Devices shares fell 9.3 per cent after the chipmaker forecast quarterly sales below estimates due to a weak PC market.
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