FX.co ★ US Stocks Set for 3rd Straight Day of Decline

Wall Street's primary indices declined on Thursday, marking their third consecutive session in the red, as investors reevaluated the prospects for interest rate reductions in light of stronger-than-anticipated economic indicators. Both the S&P 500 and the Nasdaq 100 dropped by 0.6%, while the Dow Jones Industrial Average fell by nearly 200 points. Weekly jobless claims decreased to 218,000, below expectations, and second-quarter GDP growth saw an upward revision to 3.8%, heightening concerns that the economy's robustness may delay further rate cuts by the Federal Reserve. Divergence among Fed officials has also fueled uncertainty, with some advocating for aggressive rate cuts while others advise caution to mitigate the risk of inflation reappearing. The technology sector faced selling pressure: Oracle declined by 5%, Tesla slipped by 4%, and Micron also fell. CarMax experienced a 20% drop following unsatisfactory earnings announcements, whereas Intel surged 7% after reportedly approaching Apple for a potential investment. Market participants now turn their attention to the anticipated release of the Federal Reserve's favored inflation measure, the Personal Consumption Expenditures (PCE) index, on Friday for insights into the central bank's subsequent policy approach.