Stocks, oil slide as Fed mulls rates and China struggles

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Wall Street ended Wednesday lower and oil continued a downward slide as concerns over more Federal Reserve rate hikes and China's laggard economy weighed on investors.

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Published by

17 Aug 2023

U.S. stocks accelerated losses after minutes of the Fed's July rate-setting meeting showed officials were divided on the need for more interest rate hikes, although «most» policymakers saw fighting inflation as still their top priority.

The Dow Jones Industrial Average ended the day down 0.52%, the S&P 500 was 0.76% lower and the Nasdaq Composite dipped 1.15%. The MSCI world equity index, which tracks shares in 45 nations, was last down 0.86%.

«Markets continue to sell off as the Fed minutes underscore that the economic backdrop needs to pullback so that demand softens accordingly,» said Quincy Krosby, chief global strategist for LPL Financial. «Unfortunately, with prices edging higher and consumer spending still resolutely resilient, underpinned by a solid labor market, the futures market has begun pricing in another rate hike.»

Earlier in the day, fresh economic data continued to