The S&P 500 Index ($SPX) (SPY) Thursday closed down -0.60%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.66%.
Stocks retreated on Thursday, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 falling to 1-week lows. Stocks got knocked back Thursday after hawkish comments from Fed Chair Powell reduced the chances of a Fed rate cut next month to 59% from 82% when he said there is no need to hurry interest rate cuts with the US economy strong. Stocks were already on the defensive Thursday as signs of strength in US economic news may keep the Fed from aggressively cutting interest rates. The 10-year T-note yield rose to a 4-1/2 month high Thursday after weekly initial unemployment claims fell more than expected to a 5-1/2 month low, and October producer prices rose more than expected, hawkish factors for Fed policy.
