Currency traders work near the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 15, 2024. – Asia stocks pulled back on Monday as worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.
The S&P 500 sank 1.5% on Friday to 5,123.41, closing out its worst week since October, when a huge rally on Wall Street began. The Dow Jones Industrial Average dropped 1.2% to 37,983.24, and the Nasdaq composite fell 1.6% from its record set the day before to 16,175.09. The pressure is always on companies to produce fatter profits. But it’s particularly acute now given worries that the other main lever that sets stock prices, interest rates, may not offer much lift in the near term.this year. Traders are largely betting on just two cuts, according to data from CME Group, down from forecasts for
At the same time, Treasury yields in the bond market sank and the price of gold rose, which is typical when investors are herding into investments seen as safer.Adding to the nervousness was a preliminary report suggesting sentiment among U.S. consumers is sinking. It's an important update because spending by U.S. consumers is the main engine of the economy.
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