S&P 500 drops to 4520, on course for third successive daily loss as strong US data boosts Fed tightening bets By Frank_Macro SP500 Equities
US equities were on course to post a third successive day in the red as strong US data saw markets up Fed tightening bets. US equities were on course to post a third successive day in the red on Friday as strong US labour market data and an inflationary ISM Manufacturingreport raised the prospect of a faster pace of Fed tightening this year and next. The S&P 500 was last trading about 0.1% lower on the day in the 4520s, having fluctuated between lows just above 4500 and highs near 4550.
The heavily tech/growth stock waited Nasdaq 100 index was a modest underperformer, losing nearly 0.5% to drop back into the 14,700s, leaving the index now more than 3.0% below earlier weekly highs in the 15,200s. However, the index remains on course to close in the green on the week.
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