{"id":51735,"date":"2023-08-22T19:45:13","date_gmt":"2023-08-22T23:45:13","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/dow-sp-500-end-down-as-us-interest-rate-worries-mount-bank-shares-slip\/"},"modified":"2023-08-22T19:45:15","modified_gmt":"2023-08-22T23:45:15","slug":"dow-sp-500-end-down-as-us-interest-rate-worries-mount-bank-shares-slip","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51735","title":{"rendered":"Dow, S&P 500 end down as US interest-rate worries mount, bank shares slip"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS\/Carlo Allegri\/File Photo\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Caroline Valetkevitch<\/p>\n

NEW YORK (Reuters) – The Dow and ended slightly lower on Tuesday as investors stayed worried the Federal Reserve will keep interest rates higher for longer and as banks shares eased.<\/p>\n

The Nasdaq finished barely in the green. <\/p>\n

The financial sector <.spbk> fell 0.9% and was the biggest drag on the S&P 500. An S&P downgrade of credit ratings of multiple regional U.S. lenders weighed on banks shares, with the KBW regional banking index sliding 2.7% and the S&P 500 banks index falling 2.4%. <\/.spbk><\/p>\n

Investors hope for clarity on the rate outlook when Fed Chair Jerome Powell speaks at a meeting of central bankers on Friday in Jackson Hole, Wyoming.<\/p>\n

“Rates have backed up pretty good again, so that’s kind of putting somewhat of a damper on stocks,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.<\/p>\n

The benchmark hit almost 16-year highs overnight on the view the Fed could keep rates higher for longer. Higher borrowing costs can slow spending by businesses and consumers.<\/p>\n

The fell 174.86 points, or 0.51%, to 34,288.83, the S&P 500 lost 12.22 points, or 0.28%, to 4,387.55 and the added 8.28 points, or 0.06%, to 13,505.87.<\/p>\n

Investors also eagerly awaited results and a forecast from chip heavyweight Nvidia (NASDAQ:) due after the bell on Wednesday. Nvidia surprised investors with its strong forecast in May, fueling a rally in its own and other tech stocks amid artificial intelligence hopes.<\/p>\n

Shares of Nvidia hit an all-time high of $481.87 early but were down 2.8% on the day. <\/p>\n

Department stores were among the day’s biggest decliners. Macy’s (NYSE:) sank 14.1% after the chain warned of weak consumer spending through the crucial holiday shopping season. Shares of Kohl’s Corp (NYSE:). were down 10.3% while Nordstrom Inc <\/span><\/span> (NYSE:) was down 9.8%.<\/p>\n

Volume on U.S. exchanges was 9.38 billion shares, compared with the 10.97 billion average for the full session over the last 20 trading days.<\/p>\n

Declining issues outnumbered advancing ones on the NYSE by a 1.43-to-1 ratio; on Nasdaq, a 1.43-to-1 ratio favored decliners.<\/p>\n

The S&P 500 posted 4 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 39 new highs and 221 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS\/Carlo Allegri\/File Photo\/File Photo By Caroline Valetkevitch NEW YORK (Reuters) – The Dow and ended slightly lower on Tuesday as investors stayed worried the Federal Reserve will keep interest rates higher for longer […]<\/p>\n","protected":false},"author":1,"featured_media":791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-51735","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nDow, S&P 500 end down as US interest-rate worries mount, bank shares slip | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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