Stock market today: Dow slips as Fed minutes show more hikes ahead; Meta jumps
By Yasin Ebrahim
Investing.com — The Dow closed lower Wednesday, as the Federal Reserve’s minutes from its June meeting showed further appetite to resume hikes, though big tech was largely higher as Meta surged to a 52-week high ahead of the launch of its rival Twitter app.
The Dow Jones Industrial Average fell 0.38%, or 129 points, the Nasdaq fell 0.2%, and the S&P 500 fell 0.2%.
The Fed minutes, released Wednesday, from the central bank’s June meeting showed “almost all” members supported resuming rate hikes at a future meeting as inflation remains “unacceptably high.”
In the sign of the hawkish lean among Fed members, the minutes also showed that some members were in favor of raising rates rather than pausing at the June meeting flagging a “very tight” labor market, which threatens to push wages and inflation higher.
Still the coming bevy of data expected in this week and next will likely “determine whether they hike in July,” Pantheon Macroeconomics said in a note.
Nearly 90% of traders expect the Fed to resume rate hike in July, according to Investing.com’s Fed Rate Monitor Tool.
Expectations for further hikes come just as investor worries about global slowdown were exacerbated by weaker than expected services data from China.
Big tech helped the broader market cut early-day losses as Meta surged more than 3% to 52-week highs ahead of its launch of rival Twitter app Threads expected on Thursday.
The launch of the app comes just days after Twitter said it would temporarily restrict how many posts users can read on its platform.
Apple (NASDAQ:AAPL) fell 0.6% though its market cap remains above $3 trillion, while Microsoft (NASDAQ:MSFT) inched higher, with the latter touted by Wedbush to join the $3 trillion club by
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