June greeted with caution as support provided by easing debt-ceiling angst, better China data and hopes official interest rates would not rise this month.
How are stock-index futures trading On Wednesday, the Dow Jones Industrial Average DJIA fell 135 points, or 0.41%, to 32908, the S&P 500 SPX declined 26 points, or 0.61%, to 4180, and the Nasdaq Composite COMP dropped 82 points, or 0.63%, to 12935.
What’s driving markets Stocks were on course for a muted start in June, but with support provided by easing debt-ceiling angst, better China data and hopes official U.S. interest rates would not rise this month. The chances of a 25 basis point rate hike by the Fed to a range of 5.25% to 5.5% on June 14 has fallen from 67% on Wednesday to 36% on Thursday. Stocks generally benefit from signs of steadier or falling borrowing costs.
And there was also better news on China’s economy. Stocks and industrial commodities faced pressure on Wednesday after data showed China’s manufacturing sector contracting further in May.
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