Benzinga
Published Feb 29, 2024 12:18
Updated Feb 29, 2024 13:40
Asia And Europe Markets Mostly In Green, Crude Oil Trades Above $78 - Global Market Overview While The Us Slept
Benzinga - by Akanksha Bakshi, Benzinga Editor.
On Wednesday, February 28th, U.S. stock markets ended lower ahead of key inflation update that could affect predictions for a Federal Reserve rate cut.
In economic data, the U.S. saw a 3.2% annual growth rate in the fourth quarter, down from a 4.9% growth rate the quarter before. Wholesale inventories dropped 0.1% in January after rising 0.4% the previous month.
Recent data showing persistent inflation, a strong U.S. economy, and comments from Fed officials have pushed market expectations for the Fed’s first rate cut from March to June.
Most S&P 500 sectors ended higher, led by real estate and finance, while communication and tech stocks lagged, closing lower.
The Dow Jones Industrial Average fell by 0.06%, closing at 38,949.02. Meanwhile, the S&P 500 dropped 0.17%, finishing the day at 5,069.76. The Nasdaq Composite experienced a decline of 0.55%, ending the trading session at 15,947.74.
Asian Markets Today
Dow futures were down 0.27%, S&P 500 futures slid 0.21%, and Nasdaq 100 Futures declined 0.16%.
Forex at 06:15 AM ET
The U.S. Dollar Index declined 0.10% to 103.87, USD/JPY was down 0.45% to 149.99, and AUD/USD slipped 0.03% to 1.5391.
Photo by Markus Spiske on Pexels
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