Most U.S. stocks slipped after a surprisingly strong report on U.S. manufacturing raised worries about how much interest rates could ease this year.
Most U.S. stocks slipped Monday after a surprisingly strong report on U.S. manufacturing cast doubts on how much interest rates can ease this year. The Standard & Poor's 500 index fell 10.58 points, or 0.2%, from its all-time high to finish at 5,243.77. The Dow Jones Industrial Average dropped 240.52 points, or 0.6%, from its record to 39,566.85. The Nasdaq composite was an outlier and added 17.37 points, or 0.1%, to 16,396.83. FedEx fell 3.
That's still a “reasonable baseline' expectation, according to Deutsche Bank economists, but they say tough talk from Fed officials recently could hint at interest rates staying higher for longer than previously thought. The Fed has hiked its main rate to the highest level since 2001 in order to slow the economy and hurt investment prices enough to get inflation under control.
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