Dow Jones Industrial Average fell 0.45 per cent to 40,707 points, the S&P 500 dropped 0.63 per cent to 5,585 points, and the Nasdaq Composite fell 1.13 per cent to 17,716.
The US FED released its minutes on Wednesday and said that the “vast majority” of policymakers felt that, considering the data came according to expectations, the market can expect a September rate cut.
The data showed that the number of Americans filing new application for unemployment benefits have risen in the latest week, but remains consistent with the cool off in the country’s labour market.
Intel Corp. shares fell 3.15 per cent to $20.74, and Tesla Inc. shares dropped 2.58 per cent to $217.50 in the US market.
Oil and Gold prices today:
Crude oil prices witnessed a sustained increase after falling for five days as investors were concerned about the global demand for the commodity before a decline in US fuel inventories gave support.
US’s WTI crude rose 1.86 per cent to $73.27 per barrel and Brent crude increased 1.83 per cent to $77.44 per barrel during the day.
Gold prices dropped more than 1 per cent on Thursday’s session, pressured by the dollar bounceback and higher bond yields.
US Dollar bounces back:
The US dollar bounced back from a 13-month low against the Euro on Thursday, prior to US FED Chairman Jerome Powell’s announcement at Jackson Hole on Friday. The dollar index rose 0.4 per cent on Thursday.
The rates and currency markets eye a US easing cycle as having further to run compared to other countries. US 10-year benchmark bond yields rose 8 basis points to 3.856 per cent on Thursday, compared to 3.776 per cent on the previous day.
The interest rate futures market has fully priced a 25-basis-point rate cut from the FED in September, with a one-third chance of a 50-basis-point cut.
