Wall Street ends sharply lower on mixed earnings, sticky inflation, geopolitical fears

Bandar Kuching MP urges Umno’s Dr Akmal to show maturity and refrain from name-calling after put-down of DAP’s NgaNEW YORK, April 13 ― US stocks sold off yesterday after major US banks' results failed to impress, capping a week marked by market-moving inflation data, evolving expectations for US Federal Reserve policy, and looming geopolitical tensions.

“It's a very real risk that we won't get any rate cuts this year,” Dickson said, adding that while he does not expect a hike, the Fed would probably prefer to keep rates higher for longer. Austan Goolsbee, president of the Chicago Fed, said he remains focused on the Personal Consumption Expenditures report due on April 26 for a clearer picture of inflation's progress toward the central bank's target.

The Dow Jones Industrial Average fell 475.84 points, or 1.24 per cent, to 37,983.24. The S&P 500 lost 75.65 points, or 1.46 per cent, at 5,123.41 and the Nasdaq Composite dropped 267.10 points, or 1.62 per cent, to 16,175.09. US Steel slid 2.1 per cent after shareholders voted to approve a proposed merger with Nippon Steel Corporation.

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