Stocks Stumble, Ending 5-Day Surge as Investors Eye Upcoming US Data for Fed Rate Outlook
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US stocks slipped on Wednesday, ending a 5-day winning streak for the Dow and pausing the market's recent rally. The Dow, S&P 500, and Nasdaq all fell over 1%.
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FedEx shares tumbled over 10% after the company missed quarterly profit expectations and cut its full-year revenue forecast.
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UK and German inflation data reinforced optimism that price pressures are easing in major economies. The 10-year Treasury yield retreated under 3.9%.
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Eyes turn to upcoming US GDP and inflation data for clues on whether the Fed can achieve a "soft landing" with rate cuts in 2024.
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Buyers stepped back into the housing market in November, with existing home sales snapping a 5-month skid of declines though still down 7.3% annually.