US stocks retreated from their highs today. Yields on long-term US Treasury bonds headed upward again, which revived concerns about inflation and rising debt. The dollar strengthened in the foreign exchange market.
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US Stocks Slide as All Major Indices Close Lower
The Dow Jones index, which includes the shares of 30 leading American companies, lost 0.66 percent to 51,179.87 points. The broader S&P 500 index fell by 0.22 percent to 7,801.77 points. The Nasdaq Composite index, which represents many advanced technology firms, also decreased by 0.22 percent to 27,538.69 points.
The US central bank (Fed) released the minutes from its September meeting, where it raised interest rates for the first time since 2023 in response to higher inflation. The minutes suggest that another rate hike could come later this year, but not necessarily as early as October. Following the September rate increase, some of the central bank’s top officials signaled that the next rate hike could wait until December.
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SpaceX Shares Fall as Firm Seeks $40B Loan for Nvidia Chips
Shares of the space company SpaceX headed downward. The company, owned by the world’s richest man Elon Musk, announced that it is negotiating with banks and investors for loans of up to 40 billion dollars to purchase chips from the US company Nvidia. The dollar maintained its gains even after the publication of the Fed minutes. T
he euro plunged to a 17-month low against the dollar again, just as it did on Monday. The single European currency was dragged down, among other things, by French bonds, which came under pressure due to concerns over public finances. Shortly before 22:00 CEST, the dollar index, which tracks the dollar’s performance against a basket of six leading world currencies, rose by 0.4 percent to 102.27 points. The euro lost 0.55 percent against the dollar to 1.1197 USD and shed 0.6 percent against the yen to 176.96 JPY.
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Source: ČTK
