Indexes end lower as Tesla drops, rate cut timing weighed
© Reuters. FILE PHOTO: The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker"DJT", outside the Nasdaq Market site in New York City, U.S., March 26, 2024. REUTERS/Brendan McDermid/FilNEW YORK -U.S. stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates, while Tesla (NASDAQ:Investor caution grew as U.S.
"The narrative of 'higher for longer' is coming back into play despite the fact that the Fed does see a rate cut sometime this year. So this has got the market worried," said Quincy Krosby, chief global strategist at LPL Financial (NASDAQ:fell 396.61 points, or 1%, to 39,170.24. The S&P 500 lost 37.96 points, or 0.72%, at 5,205.81 and the"Healthy markets do need to pull back and most likely this is that pullback," Krosby said.
The market has pared back expectations for rate cuts to about two this year, from three a few weeks ago, according to LSEG's rate probability app.San Francisco Fed President Mary Daly cited a"real risk" of cutting rates too soon and locking in too-high inflation. Fed Bank of Cleveland President Loretta Mester said she still expected the central bank to be able to cut rates this year, noting that the easing might kick off at its June policy meeting if economic data allows it.
The S&P 500 posted 24 new 52-week highs and four new lows; the Nasdaq Composite recorded 53 new highs and 124 new lows.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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