The labour market data and a Federal Reserve official’s comments on Thursday bolstered expectations that the US central bank will raise interest rates significantly, overpowering a wave of corporate earnings. As a result, American stocks ended the day lower.
Following the Information Technology Services Company’s announcement on Wednesday that it intends to surpass its revenue growth targets for the entire year and that it beat the quarterly profit projections, the shares increased early in the session, boosted by advances made by names like IBM.
The weekly unemployment reports and remarks by Philadelphia Federal Reserve Chairman Patrick Harker, along with worries about the central bank rising interest rates and the prospect of sending the country into recession, prevented the shares from maintaining their gains.
The Nasdaq Al-Mujdah index dropped 68. 85 points, or 0. 83 percent, while the Standard & Poor’s 500 index dropped 30. 67 points, or 0. 83 percent, to settle at 3664. 49 points.
To 10611.65 points, or 64 percent. To 30318.43 points, the Dow Jones Industrial Index dropped 105.38 points, or 0.35 percent.
The third-quarter profits of the 500 businesses that make up the Standard & Poor’s index are predicted to climb to 3.1%, up from 2.8% earlier this week, but this is still a significant decrease from the 11.1% increase that was anticipated at the beginning of July. July.
At its meeting in November, the US Central Bank is generally anticipated to announce the fourth consecutive 75 basis point increase in interest rates.
Due to rising interest rates, Wall Street closes lower.
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