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The US stock market declined after the publication of the Fed minutes


July, 06 2023
watermark Economic news

US stock indexes ended Wednesday's trading session in the red due to weak statistical data from China and the contents of the minutes of the June meeting of the Federal Reserve System.


As the minutes published last night showed, several members of the Fed's leadership called for an increase in the key rate in June due to low unemployment, a stronger impulse to economic growth, as well as the lack of clear signals about a decrease in inflation to the target level of 2%.


Despite this, the decision to keep the rate at the same level was made unanimously. At the same time, the forecast regarding the further trajectory of the rate this year suggests that it will be raised twice more, each time by 25 basis points.


At the same time, weak data from China exerted pressure on the US stock market. The Composite Purchasing Managers' Index (PMI) dropped to 52.5 points in June from 55.6 points in May. The PMI of the service sector fell to 53.9 points from 57.1 points. Both indicators have updated the lows for 5 months against the background of a slower-than-expected recovery of the PRC economy.


As a result, the Dow Jones Industrial Average fell by 0.38% to 34288.64 points. The leaders of the decline in the index were Intel Corp. shares. and 3M Co., which fell by 3.3% and 2.5%, respectively, and the leader of the growth was Boeing Co. securities, which rose by 1.1%.


The Standard & Poor's 500 declined 0.2% to 4,446.82 points.

The Nasdaq Composite index dropped 0.18% to 1,3791.65 points.


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