US stocks fall over concerns Fed's hikes not done
Wall Street's main indexes ended modestly lower on Thursday in a choppy session as hawkish comments from a US Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes. Stocks reduced losses late in the session but the major indexes still ended in negative territory. The Dow Jones was down just point zero two percent at 33,546, partly saved by an upbeat earnings outlook from Cisco Systems. The S&P 500 lost point three one percent to end at 3,946, and the Nasdaq lost point three five percent, finshing at 11,144. Data showed the number of Americans filing new claims for unemployment benefits fell last week, suggesting the labor market remained tight. A report on Wednesday detailed strong retail sales growth last month, indicating the economy has weathered rate hikes. Bets from traders of a 75 basis point hike at the Fed's next meeting climbed to 19 percent from about 15 percent a day earlier, according to the CME Group's FedWatch tool. Most investors still expect a 50 basis point increase. Cisco shares rose 5 percent after the company raised its full-year revenue and profit forecast with supply chain hurdles easing. In other company news, shares of Macy's surged 15 percent after the department store chain raised its annual profit forecast on resilient demand for high-end clothes and beauty products. (Reuters)