From Nasdaq: 2024-04-30 18:09:01

US stock indexes closed sharply lower on Tuesday, with the S&P 500 down -1.57%, the Dow Jones down -1.49%, and the Nasdaq down -1.92%. Signs of wage pressure pushed bond yields higher, impacting stocks. Mixed corporate earnings results saw GE Healthcare and Molson Coors drop, while Leidos Holdings and Eli Lilly saw gains.

Economic indicators showed the US Q1 employment cost index rose +1.2% q/q, stronger than expectations. The US housing market saw a +6.38% y/y increase in the Feb S&P CoreLogic home price index. However, US consumer confidence fell to a 1-3/4 year low in April. China’s mixed economic activity may negatively affect global growth prospects.

The tech-heavy Nasdaq led losses, closing down -1.92% on Tuesday. Red flags were raised as the Fed signals higher interest rates for longer periods. Overseas, Eurozone GDP exceeded expectations, while Germany posted strong Mar retail sales. Analysts are cautious ahead of the FOMC meeting to be held on Wednesday.



Read more at Nasdaq: Stocks Sink on Concern the Fed Will Keep Interest Rates Higher for Longer