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Market Update: US Stock Futures Little Changed
The Dow Jones lost more than 200 points to end at its lowest level in four weeks as investors digested higher-than-expected claims figures and a surprisingly hawkish tone from the Fed. Initial jobless claims rose to 412K, the first increase in seven weeks, and compared to forecasts of 359K, a sign that the labour market still has a long way to recover from the coronavirus hit. On the policy side, the Fed now expects two rate increases by the end of 2023, with Powell also noting that the discussion about scaling back bond purchases will likely start soon. Also, fresh central bank forecasts showed a spike in inflation this year, although price pressures are seen slowing in 2022. The S&P 500 saw its losses limited while the tech-heavy Nasdaq outperformed its peers, rising almost 1%, as investors moved to the safety trade of big tech. [/s2If]
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