Markets digesting that rate cuts could be lower and slower than anticipated in US
A trader work on the floor of the New York Stock Exchange. The tech-heavy Nasdaq and the benchmark S&P 500 were lower in midafternoon trading in New York as chip stocks led losses on downbeat results and markets weighed fresh economic data ahead of the Fed interest rate decision. Photograph: Michael M Santiago/Getty Images
However, investors were awaiting comments from Fed Chair Jerome Powell that could give clearer insights into the central bank’s view on potential rate cuts. Traders expect around 0.38 of a point reduction from the Bank of England and nearly 0.6 of a cut from the European Central Bank this year, easing pressure on European stock markets compared to those in the US.
Shell has exited China’s power markets as part of chief executive Wael Sawan’s drive to focus on more profitable operations, taking its shares down 1.5 per cent. The ADP National Employment report showed US private payrolls increased more than expected in April, while a separate reading showed US manufacturing contracted. A measure of prices paid by factories for inputs approached a two-year high.
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