Wall Street Drops After Powell’s Remarks on Patience with Interest Rates
U.S. stock averages declined in a session where Federal Reserve Chair Jerome Powell indicated that the current data suggests no urgency to cut interest rates.
All three major Wall Street indices ended Thursday’s trading session in negative territory. U.S. averages fell as Powell’s comments highlighted that economic data does not point to any need to rush rate cuts.
| Broker | Review | Regulators | Min Deposit | Website | |
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 | Visit Broker >> | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | SVGFSA | USD 5 | Visit Broker >> |
The Dow Jones Industrial Average, which tracks 30 blue-chip stocks, dropped 0.47% to close at 43,750.86 points. The S&P 500, encompassing 500 large-cap companies, declined 0.60% to 5,949.17 points. Meanwhile, the tech-heavy Nasdaq fell 0.64% to 19,107.65 points. Powell emphasized, “The current strength we’re seeing in the economy allows us to approach our rate decisions cautiously.”
Earlier in the day, data showed that the Producer Price Index (PPI) rose 0.2% month-over-month in October and 2.4% year-over-year, marking its highest level in four months. Additionally, new jobless claims fell by 4,000 to 217,000.
By sector, gains were seen in energy (+0.14%) and technology (+0.05%), while losses were led by industrials (-1.69%) and consumer discretionary stocks (-1.54%). Notably, in the Dow Jones, Disney surged by 6.23% after reporting strong quarterly figures.
In relevant geopolitical news, the European Commission approved on Wednesday the second regular payment of €4.1 billion ($4.31 billion) as part of the total €50 billion ($52.62 billion) in grants and loans that the EU will provide to Ukraine through 2027. This funding is aimed at supporting the country’s macroeconomic stability and the functioning of its public administration. The decision still requires approval from all 27 EU member states.
This latest installment will bring the total funds disbursed in 2024 under the Ukraine Plan to €16.1 billion ($16.94 billion). It follows the first tranche of €4.5 billion ($4.74 billion) that Kyiv has already received.
ABOUT THE AUTHOR
See More
Add 3442
Related Posts
Add 3440
🏆 7 Best Forex Brokers
| Broker | Website | |
|---|---|---|
| 🥇 |  | Visit Broker |
| 🥈 |  | Visit Broker |
| 🥉 |  | Visit Broker |
| 4 |  | Visit Broker |
| 5 |  | Visit Broker |
| 6 |  | Visit Broker |
| 7 |  | Visit Broker |
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top 4 Brokers
