Wall Street Posts Modest Losses; IBM Leads Decline
Among sectors, basic materials (-0.62%) and consumer staples (-0.52%) saw the largest losses, while utilities (+0.41%) posted gains.
Markets closed lower on Thursday following a choppy session, as investors remained cautious amid weak economic outlooks from major central banks.
The three major Wall Street indexes ended the day in negative territory. Stocks fluctuated throughout the session as concerns grew over the economic forecasts provided by key monetary authorities.
The Dow Jones Industrial Average, which tracks 30 corporate giants, edged down 0.03% to 41,953.32 points. The S&P 500, representing the most valuable companies, declined 0.22% to 5,662.89 points, while the Nasdaq Composite fell 0.33% to 17,691.63 points.
Monetary Policy Decisions
The Federal Reserve opted to keep interest rates unchanged in its latest decision. Fed Chair Jerome Powell noted that the year-end inflation outlook had been revised higher, while economic growth projections for the U.S. were lowered.
Similarly, European Central Bank President Christine Lagarde warned that a trade war with the U.S. could significantly impact economic activity in the eurozone, potentially driving inflation higher.
Market Activity and Current Topics
Selling pressure has intensified in recent weeks after a series of economic reports suggested that U.S. economic growth and consumer confidence may be slowing due to reciprocal tariffs imposed by President Donald Trump.
New weekly jobless claims in the U.S. edged higher, though analysts warn that broader conditions could deteriorate further due to public spending cuts, elevated interest rates, and ongoing political uncertainty.
Among sectors, basic materials (-0.62%) and consumer staples (-0.52%) saw the largest losses, while utilities (+0.41%) posted gains. Within the Dow Jones, IBM (-3.56%), Walt Disney (-1.50%), and Nike (-1.55%) led the declines.
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