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US stock index took a hit, extending its losses on Wall Street over upcoming data which will provide more clues on interest rates and inflation. S&P500 fell 0.4% to 5,264 while Nasdaq plunged 0.5% to 18,713. During after trading hours, Nvidia came ahead after nosediving 1% to 1,137.
（S&P500, 1-hourly chart, TradingView）
Investors sold their holdings off US equities amid persistent concerns over high interest rates, which may cap off economic growth. Likewise, the imminent release of PCE Price Index, Federal Reserve’s preferred inflation has spur risk aversion along the way. This has raised the demand for US dollar, acting as an alternative safe-haven asset to gold.
Additionally, hawkish comments from Federal Reserve officials further contributes to the downfall of US equities. Several officials warned that inflation will need to fall substantially before any interest rates cuts is performed. Currently, US inflation stood at 3.36%, a far reach from Fed’s target of 2% in the long run.
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