Strong jobs, services data dampens Fed rate cut hopes
Description
A strengthening services and jobs scenario Stateside again dampens expectations of further Fed rate cuts this year with tech stocks pushing U.S. indices down, with Nvidia hit by profit-taking. In the UK, long-term borrowing costs soar to a 27-year high potentially wiping out under-fire Chancellor Rachel Reeves’ fiscal headroom. Samsung admits it will miss expectations in Q4 but share are in the green on the back of positive comments from Nvidia CEO Jensen Huang about the company’s ability to deliver A.I.-suitable chips. Facebook owner Meta scraps its fact-checking programme in what CEO Mark Zuckerberg describes as a return “back to our roots” regarding free speech. And in Los Angeles County, wildfires force 30,000 people to flee the Pacific Palisades region. A state of emergency has been declared.
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