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Market declines led by tech related shares after disappointing first quarter sales by Dutch chip equipment maker ASML. Utilities shares were the top-performing sector, helping to limit the market?s losses.
At closing bell, the Dow Jones Industrial Average index dropped 45.66 points, or 0.12%, to 37,753.31. The S&P500 index retreated 29.20 points, or 0.58%, to 5,022.21. The tech-heavy Nasdaq Composite index decreased by 181.88 points, or 1.15%, to 15,683.37.
Total 7 of 11 major S&P 500 sectors closed lower, with information technology sector suffered the largest losses in percentage term, falling 1.71%, while utilities was top performing sector, rising 2.1%.
ECONOMIC NEWS:, U.S. central bank officials including Fed Chair Jerome Powell on Tuesday backed away from providing guidance on when rates may be cut, saying instead that monetary policy needs to be restrictive for longer.
US Economy Grows Slightly, Prices Increase Modestly, Says Fed's Beige Book - The Federal Reserve released a report on Wednesday saying overall U.S. economic activity has expanded slightly since late February. The Fed's Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, said ten out of twelve districts experienced either slight or modest economic growth. While the other two districts reported no changes in activity, the number of districts reporting slight or modest economic growth is up from eight in the previous report. In contrast to recent upbeat retail sales data, the Fed said consumer spending has barely increased overall but acknowledged reports were quite mixed across districts and spending categories. Expanding on the issue of inflation, the Beige Book said price increases were modest, on average, running at about the same pace as in the last report. The Fed said disruptions in the Red Sea and the collapse of Baltimore's Key Bridge have so far not led to widespread price increases, but several districts noted moderate increases in energy prices and sharp increases in insurance rates. On the labor market front, the Beige Book said employment rose at a slight pace overall, with nine districts reporting very slow to modest increases and the remaining three reporting no changes in employment. Wages grew at a moderate pace in eight districts, while the remaining four noted only slight to modest wage increases, the Fed added.
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