Fed's Williams Douses Rate Hike Bets, Nasdaq Slips as Yields Retreat
IXIC sits 30% above its 52-week low of $20,690.249.
Summary
Fed Bank of New York President John Williams said he sees 'no urgency' for further rate hikes, pushing traders to cut the odds of an October hike to about 50-50 from nearly 70% earlier in the day. The 2-year yield fell 3.51 bps to 4.889%, while the Nasdaq closed down 0.08% at 26,797.54. Longer-dated yields stayed near multi-decade highs, keeping pressure on equities. Anthropic's IPO prospectus, targeting a $2 trillion-plus valuation, limited the downside. Wednesday's PCE inflation report and Friday's jobs data will determine whether the Fed hikes again.
At the time of this announcement, IXIC was trading at $26,797.54 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.