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Market Update: Wall Street Lags Behind European Bourses
Wall Street stocks trailed behind European bourses, which hit new records as investors appeared quite reluctant to open fresh positions ahead of the Fed’s two-day June meeting. While a re-opening economy has unleashed pent-up demand, the supply side of the equation is striving to meet it, resulting in the price pressures seen in recent data. This macro backdrop, in turn, sparked fears that central banks may have to tweak policy soon to prevent economies from overheating. And while the Fed has reassured that any spike in inflation would be transitory, investors will watch for clues about the path of crisis-era stimulus. The blue-chip Dow lost more than 250 points, and the S&P 500 retreated from its records, weighed down by a sell-off in the financials and materials sectors. The tech-heavy Nasdaq outperformed its peers, lifted by gains in Tesla Inc, Apple Inc and Amazon.com Inc. [/s2If]
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