US stock market gains reverse into losses on Friday, September 2, hounded by concerns that a 75-basis-point rate hike is still in the cards for the Federal Reserve.
to resume flows via a major gas supply route to Germany, deepening Europe’s difficulties in securing winter fuel, further soured sentiment in the United States ahead of the long Labor Day weekend.
This initially cheered investors and helped the S&P 500 index zoom up over 1%. But the gains reversed into losses over the day, hounded by concerns that a 75-bps rate hike was still in the cards. The S&P 500 and the Dow Jones Industrial Average lost 1.1% each, and the Nasdaq Composite dropped 1.3%. “We continue to expect the Fed to hike by 50 bps in September and November. This report contained enough good news for the Fed,” analysts at Bank of America said in a note to clients.
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