Wall Street Trading Roiled by ‘Post-Fed Hangover’: Markets Wrap
- Jobless claims decline to 201,000, lowest level since January
- BOE keeps rates unchanged for first time in almost two years
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Stocks fell the most since March, while Treasury 10-year yields climbed as the latest reading on the labor market just reinforced the case for the Federal Reserve’s higher-for-longer stance.
The S&P 500 dropped 1.6%. All major US equity benchmarks broke below their key 100-day moving averages — which is seen as a bearish signal by some technical analysts. Amazon.com Inc. and Nvidia Corp. led a rout in megacaps. Cisco Systems Inc. sank after agreeing to buy Splunk Inc. for $28 billion. FedEx Corp., a barometer of economic growth, rallied on a solid forecast.