May 29 - Wall Street indexes retreated on Wednesday, led by declines in rate-sensitive sectors as concerns around the timing and the scale of the Federal Reserve's interest rate cuts pushed Treasury yields higher and pressured risky assets.
Conflicting expectations on the size and the timing of interest rates have kept the market on edge since the start of this year. "But we do see the trend continuing to get closer to the target over the next six to 12 months that could potentially give the Fed some wiggle room for a few interest rate cuts in the back half of the year."
At 11:51 a.m., the Dow Jones Industrial Average , opens new tab fell 348.51 points, or 0.90%, to 38,504.35, the S&P 500 , opens new tab lost 32.77 points, or 0.62%, to 5,273.27 and the Nasdaq Composite , opens new tab lost 75.58 points, or 0.44%, to 16,944.30. Airline stocks fell, led by American Airlines , opens new tab, which declined 14.6% after the company cut its second-quarter profit forecast.
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