The S&P 500 lost 15.73 points, or 0.29 per cent, to end at 5,448.89 points, while the Nasdaq Composite lost 190.19 points, or 1.09 per cent, to 17,499.17. ― Reuters picNEW YORK, June 25 ― The Dow rallied yesterday to a one-month high, while the Nasdaq tumbled over 1 per cent as investors rotated out of AI-linked stocks and added some laggards to their portfolios, betting on Federal Reserve interest rate cuts this year.
“The market's selling some of the winners and buying some of the laggards here,” said Jack Janasiewicz, lead strategist at Natixis Investment Managers. “It's a little bit of a nod to looking out over the inflation data that is coming out on Friday, as expectations are for a pretty soft print.” Except for Nvidia and other chip stocks, “the rest of the market is behaving positively on the expectation that we're still on course for a soft landing base case,” said Carl Ludwigson, managing director at Bel Air Investment Advisors.
San Francisco Fed President Mary Daly said she does not believe the US central bank should cut rates before policymakers are confident inflation is headed toward 2 per cent. On Thursday, President Joe Biden will debate Republican rival Donald Trump in Atlanta, which could influence the outcome of a race for the November election that opinion polls show as neck-and-neck.
Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE. There were 179 new highs and 48 new lows on the NYSE.
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