<\/p>\n
U.S. stocks closed lower on Wednesday after the Federal Reserve released the minutes from its May policy meeting.<\/p>\n
The Dow Jones Industrial Average lost 0.58%, or 245 points, while the S&P 500 and Nasdaq Composite indices fell 0.56% and 0.51%, respectively. The central bank\u2019s minutes indicated a cautious approach to monetary policy and warned of \u201cdifficult tradeoffs\u201d ahead if inflation persists.<\/p>\n
\n\u201cParticipants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer,\u201d a CNBC transcript of the minutes read. \u201cParticipants noted that the Committee might face difficult tradeoffs if inflation proves to be more persistent while the outlooks for growth and employment weaken.\u201d<\/p>\n<\/blockquote>\n
In trade talks, U.S. President Donald Trump pushed back against a Financial Times columnist who coined the term \u201cTACO trade,\u201d or Trump Always Chickens Out, a reference to the President\u2019s tendency to delay tariff implementations. Trump said his tactics are part of a negotiation strategy and that trading partners like the European Union are eager to reach deals.<\/p>\n
Meanwhile, strong earnings from key retailers signaled that consumer spending remains robust. Shares of Abercrombie & Fitch Co. gained 14% after the company reported strong first-quarter results and guided for full-year net sales growth of 3% to 6%. On the other hand, shares of HP plunged 15% after missing earnings expectations and issuing a disappointing outlook due to \u201cadded costs\u201d from tariffs.<\/p>\n
Nvidia shares moved higher in extended trading after posting a top- and bottom-line beat. The company reported EPS of 96 cents on revenue of $44.06 billion, topping estimates of 93 cents per share and $43.31 billion. Data center revenue grew 73% year-over-year, though the company missed out on $2.5 billion in sales due to export restrictions on chips bound for China. The gross margin for the quarter was 61%, which would have been 71.3% without the new China-related charges.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
U.S. stocks closed lower on Wednesday after the Federal Reserve released the minutes from its May policy meeting. The Dow Jones Industrial Average lost 0.58%, or 245 points, while the…<\/p>\n","protected":false},"author":1,"featured_media":1052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=1292"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1292\/revisions"}],"predecessor-version":[{"id":1293,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1292\/revisions\/1293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/1052"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=1292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=1292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=1292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}