Wall Street stock indexes fell on Tuesday, led by a sharp selloff in technology ...
NEW YORK - Wall Street stock indexes fell on Tuesday, led by a sharp selloff in technology shares, as simmering trade concerns and disappointing economic data sent buyers to the sidelines, while the Federal Reserve chairman pushed back on pressure from President Donald Trump to cut interest rates.
Speaking at the Council on Foreign relations, Powell also reiterated the Fed’s independence, a day after Trump tweeted the Fed “doesn’t know what it’s doing.” “Powell and Bullard both made comments that were indicative that we might not see any rate cut in July,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “After last week’s meeting, hopes for a rate cut took off and that might not be in the picture next month.”
On the economic front, new home sales and consumer confidence numbers both came in well below economist expectations, according to separate reports from the U.S. Commerce Department and the Conference Board. AbbVie Inc said it would buy Allergan Plc for about $63 billion, sending the Botox maker’s shares up by 25.4%. AbbVie’s stock dropped 16.3%.
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