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
- On Thursday, Japan’s Nikkei 225 index closed the session slightly higher by 0.03% at 39,189.00, led by gains in the Paper & Pulp, Power, and Shipbuilding sectors.
- In Australia, the S&P/ASX 200 was up 0.50% and closed at 7,698.70, led by gains in the A-REITs, Gold, and Consumer Discretionary sectors.
- India’s Nifty 50 closed higher by 0.14% at 21,982.80, and the Nifty 500 rose 0.35% to 20,090.05.
- China’s Shanghai Composite gained 1.94% to 3,015.17, while the Shenzhen CSI 300 was up 1.91%, closing at 3,516.08.
- Hong Kong’s Hang Seng Index slid 0.15%, concluding the day at 16,511.44.
- The European STOXX 600 index was up 0.13%.
- Germany’s DAX gained 0.46%.
- France’s CAC declined 0.05%.
- U.K’s FTSE 100 traded higher by 0.25%.
- Crude Oil WTI was trading lower by 0.19% at $78.39/bbl, and Brent was down 0.33% at $81.87/bbl.
- Natural Gas gained 0.42% to $1.893.
- Gold was trading lower by 0.17% at $2,039.15, Silver slipped 0.31% to $22.565, while Copper was up 0.16% to $3.8472.
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.
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