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Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange during morning trading February 29, 2024 in New York.
Michael M. Santiago | Getty Images
Stocks moved into the red on Tuesday after higher-than-expected payroll data raised fresh concerns about inflation ahead of the Federal Reserve's rate decision on Wednesday. McDonalds stocks fell after disappointing earnings.
The S&P 500 slightly decreased by 0.3% while the Nasdaq Composite lost 0.4%. The Dow Jones Industrial Average fell 69 points, or 0.4%.
The Employment Cost Index, a measure of civilian workers' wages, jumped 1.2% in the March quarter, above the 1% consensus estimate of economists surveyed by Dow Jones. Treasury yields jumped following the data.
Markets are pricing in a reduction of just a quarter of a percentage point in 2024, down from the six or seven expected in the new year, as persistent inflation and the economy's resilience increase the likelihood that the Fed stays at a higher level for longer.
“At the end of the line. [this is] “This is not a number that would cause the Fed to change its position that there is no urgency to ease rates, nor is it a number that would induce a view that we We need to raise rates,” said Tom Fitzpatrick, managing director of global market research at RJ O’Brien and Associates.
In early earnings news, McDonalds missed estimates due to boycotts hitting sales in the Middle East, sending shares down 2%. Coca-Cola Shares were lower, even though the soft drink giant beat estimates and raised its outlook.
Stocks are heading for their first month of decline since October as expectations for rate cuts have fallen significantly from where they were at the start of the year. The 30-stock index is poised for a loss of more than 3% in April. The S&P 500 and Nasdaq Composite are each heading for declines of more than 2%.
“When you look at the scale, scope and scale of the recovery from the October lows, and then add to it the stickiness of inflation at the end of the day, … I don't “I wouldn't be surprised to see some CNBC Closing Bell,” Dan Greenhaus, chief strategist at Solus Alternative Asset Management, told “Closing Bell.”
There's plenty of economic news on the agenda this week as Fed policymakers gather on Tuesday for their two-day policy meeting. The central bank is widely expected to keep interest rates steady, but traders fear that Fed Chairman Jerome Powell's comments after the meeting will be more hawkish after the recent series of reports on the inflation warmer.
The busiest week for corporate earnings is expected to continue, with Amazon and Apple reporting quarterly results on Tuesday and Thursday, respectively. The April jobs report is also due at the end of this week, preceded Wednesday by releases on job openings and private sector employment growth.
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