US STOCKS finished the day mixed on Monday, as another Federal Reserve policymaker came out in favor of starting interest rate cuts.
It is “hard to imagine” not cutting interest rates in September, San Francisco Fed President Mary Daly said Monday, a few days after Fed chair Jerome Powell said the time had come to start adjusting monetary policy.
“The direction of change is down, and the time to adjust is now,” Daly said, signaling her support for a rate cut at Fed’s rate meeting next month.
On Wall Street, the Dow Jones Industrial Average closed up 0.2 per cent at 41,240.52.
The S&P 500 fell 0.3 per cent to 5,616.84, while the tech-rich Nasdaq Composite lost 0.9 per cent, closing at 17,725.76.
“I think people used today as an opportunity to take some near-term profits,” Sam Stovall, from CFRA, told AFP.
Tech stocks slipped, with Nvidia finishing the day down 2.3 per cent ahead of quarterly earnings results on Wednesday. Broadcom slipped more than four per cent. AFP
