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  3. US markets end in red on Wednesday

US markets end in red on Wednesday

29 Feb 2024 Evaluate

The US markets recovered from day’s lows but still ended in red on Wednesday with the Dow closing lower for the third consecutive session. Initial weakness on Wall Street came as some traders looked to cash in on the recent strength in the markets ahead of the release of closely watched readings on consumer price inflation on Thursday. The inflation readings, which are said to be preferred by the Federal Reserve, are expected to show the annual rate of consumer price growth slowed to 2.4 percent in January from 2.6 percent in December. The annual rate of growth by core consumer prices, which exclude food and energy prices, is also expected to dip to 2.8 percent in January from 2.9 percent in December. With Fed officials saying they need greater confidence inflation is slowing before they consider cutting interest rates, the data could have a significant impact on the outlook for rates.

However, markets trimmed some of their losses after the start of trading with the subsequent recovery attempt potentially reflecting a positive reaction to revised data showing the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2023. The Commerce Department said the jump by real gross domestic product in the fourth quarter was downwardly revised to 3.2 percent from the previously reported 3.3 percent. Street had expected the surge in GDP to be unrevised. On the sectoral front, the weakness among gold stocks came amid a modest decrease by the price of the precious metal, with gold for April delivery edging down $1.40 to $2,042.70 an ounce. Notable weakness was also visible among semiconductor stocks, as reflected by the 1.1 percent loss posted by the Philadelphia Semiconductor Index.

Dow Jones Industrial Average fell 23.39 points or 0.06 percent to 38,949.02, Nasdaq slipped 87.56 points or 0.55 percent to 15,947.74 and S&P 500 was down by 8.42 points or 0.17 percent to 5,069.76.

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