HomeFinancial MarketsStocks Close Lower Amid Fears of Higher Interest Rates For Longer

Stocks Close Lower Amid Fears of Higher Interest Rates For Longer

New York stocks ended the week lower as investors exhibited anxiety over the Federal Reserve’s warning that interest rates may stay higher for longer than previously expected. The S&P 500 closed 0.2% lower, while the Dow Jones Industrial Average fell by 0.3%. The tech-heavy Nasdaq Composite edged just 0.09% lower.

Strikes across Hollywood and the auto industry were also brought into focus. After an extensive negotiation session, the big four studios – Disney, Netflix, NBC Universal, and Warner Bros. Discovery – were unable to reach a deal with writers on strike. On the auto side, the UAW announced that it would intensify its strikes against GM and Stellantis.

Looking at the week ahead, investors will eagerly await Tuesday’s new home sales and consumer confidence reports. Thursday will be a busy day with the release of the core PCE price index, personal consumption, and jobless claims reports.

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