U.S. Stocks Fall as Economists Predict Fed Stimulus Cut
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U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for the sixth time in eight days, after economists predicted the Federal Reserve will reduce stimulus in September as European data added to signs that the global economy is strengthening.
Macy’s Inc. fell 4.5 percent as the department-store chain cut its profit forecast after weaker-than-estimated sales. Homebuilders and utility stocks slumped amid rising bond yields. Apple Inc. rose 1.8 percent, extending a rally after billionaire investor Carl Icahn said yesterday he’s a shareholder. Cisco Systems Inc. tumbled 9.4 percent after the close of regular trading as it plans to cut 4,000 jobs.