Today’s data continued to highlight a strong US economy, however, stocks failed to recover – US Market Wrap

US markets closed a volatile session with minor losses, trying to recover from the selloff that followed the Federal Reserve’s hawkish tilt.

The S&P 500 relinquished earlier gains to finish the session slightly altered on Thursday. The Nasdaq 100 fell 0.5% after alternating between tiny gains and losses for the majority of the afternoon. FedEx shares soared after profits above expectations and the company revealed intentions to split.

The US 10-year Treasury yield increased to 4.57%, a level last seen in May.The yen remained down after the Bank of Japan kept borrowing costs steady today.

The US economy remains resilient, as data from Thursday demonstrated. Notably, one of the Fed’s favourite inflation indicators was revised higher to 2.2%. Given that Chair Jerome Powell stated that future easing would require new progress on inflation, investors will be eagerly awaiting the year’s final major data point, personal consumption expenditures for November, which is due Friday.