Strong Economic Data Sparks Sell-Off in S&P 500

A batch of unexpectedly robust U.S. economic indicators prompted a wave of selling on Thursday, pulling the S&P 500 down by 0.5%. The benchmark index closed the session at 6,604.72, a decline of 33.25 points, as investors grew concerned that the strong data could delay interest rate cuts from the Federal Reserve.

The session marked the third consecutive day of losses for the index, following a series of record highs earlier in the week. The negative sentiment was broad-based, with declining issues outnumbering advancers by a ratio of 3.11 to 1 on the NYSE and 3 to 1 on the Nasdaq. The heightened selling pressure was further evidenced by trading volume, which reached 19.58 billion shares, significantly exceeding the 20-day average.

Selective Gains Amid a... Read more...