US Stocks Slump Before Inflation Report; Dollar Up: Markets Wrap
- NY Fed’s Williams says a rate cut not in his baseline forecast
- Investors look to Wednesday’s inflation data for rates clues
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US equities slumped ahead of a critical inflation report while the debt ceiling impasse dragged on investor sentiment. The dollar edged higher.
The S&P 500 ended Tuesday 0.5% lower with PayPal Holdings Inc. the worst performer on the index after outlook disappointed. The Nasdaq 100 slid 0.7%. Stock gauges have been stuck in narrow trading ranges as traders weigh the potential end of the Federal Reserve’s interest rate hikes against the possibility of an economic slowdown.