Stocks Slide as Fed, ECB Caution Against Quick Rate Cuts Despite Growth Concerns
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Stocks slid as central bankers emphasized moving cautiously on rate cuts despite expectations. Nasdaq and S&P 500 fell 0.6%, Dow dropped 0.3%.
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Fed's Waller said key is "flexibility" in lowering rates, no need to rush cuts given economy's strength. ECB's Lagarde warned against overconfidence on swiftness of cuts.
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Insurers, consumer staples outperformed as investors shunned risk. Cybersecurity, communications stocks hit hard in sell-off.
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Chinese stocks stumbled on economic data showing falling prices, sluggish property investment. Raises growth concerns.
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Tesla stock fell after slashing prices in Europe, just a week after China cuts. Heightens demand worries.