The weak tech sector leads to a skid by US stocks for a second day on the New York Stock Exchange in New York. — Reuters pic
From the March market lows, “this has been an amazing recovery represented by a few good tech names,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. Adding to concerns about a stalling recovery, the Labour Department's report showed that while fewer Americans filed new claims for unemployment benefits last week, the number remained perched at extremely high levels.
Fed Chair Jerome Powell laid out a menu of factors — including wage growth, workforce participation and disparities in minority joblessness relative to whites — that must be satisfied before the Fed would view the economy at maximum employment, and even consider raising interest rates. Ford Motor Co gained 3.7 per cent as it said it had begun production of the new generation F-150 pickup truck at its Michigan facility.