· S&P 500, Dow ease as focus shifts to Fed; tech pushes Nasdaq to closing record
The S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time.
The Dow Jones Industrial Average fell 300.14 points, or 1.09%, to 27,272.3, the S&P 500 lost 25.21 points, or 0.78%, to 3,207.18 and the Nasdaq Composite added 29.01 points, or 0.29%, to 9,953.75.
The Fed began a two-day meeting. While no major policy announcements are expected when the U.S. central bank wraps up on Wednesday, investors will scrutinize its remarks on the health of the economy, which has been reopening after coronavirus-related closures.
· European markets close lower despite hopes of economic recovery
European stocks closed lower on Tuesday as investors weigh up the prospects of an economic recovery after the coronavirus pandemic.
The pan-European Stoxx 600 provisionally closed down by more than 1%, with most sectors and major bourses in negative territory.
Banks and travel and leisure stocks led the losses, both off by more than 3%. On Wall Street, stocks were also mostly lower as investors took profits out of names benefiting from the economy reopening.
· Asia Pacific stocks decline; China’s inflation data ahead
Stocks in Asia Pacific declined in Wednesday morning trade, ahead of the release of Chinese inflation data for May.
In Japan, the Nikkei 225 slipped 0.81% in early trade, with shares of robot maker Fanuc dropping 2.27%. The Topix index also dipped 0.74%. South Korea’s Kospi also declined 0.3%.
Elsewhere, the S&P/ASX 200 in Australia also shed 0.36%.
Overall, the MSCI Asia ex-Japan index traded 0.24% lower.
On the economic data front, Chinese inflation data for May is set to be released on Wednesday, with both the Consumer Price Index and Producer Price Index for the month expected to be out at around 9:30 a.m. HK/SIN.
Investors will also await the release of the U.S. Federal Reserve’s economic forecast, expected on Wednesday stateside.
Reference: CNBC, Reuters
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