Wall Street loses momentum as cautious investors await more US economic data

European and American stocks fell in the session on December 1, as investors awaited economic data that could influence the US Federal Reserve's interest rate decision.

Traders at the New York Stock Exchange, USA. Photo: THX/TTXVN

At the end of the trading session in New York, all three major indexes went down after a consecutive week of gains. The Dow Jones Industrial Average fell 0.9% to 47,289.33 points. The S&P 500 Composite Index fell 0.5% to 6,812.63 points, while the Nasdaq Composite technology index fell 0.4% to 23,275.92 points.

In Europe, the red also covered the exchanges, led by the decline in Germany. Specifically, the DAX index in Frankfurt fell 1.0% to 23,589.44 points. The FTSE 100 index in London (UK) and CAC 40 in Paris (France) also fell 0.2% and 0.3%, to 9,702.53 points and 8,097 points, respectively.

The main factor driving markets this session is the Fed's interest rate expectations. Markets are now pricing in a nearly 90% chance that the Fed will cut interest rates for the third time in a row on December 10. Against that backdrop, traders are closely watching data on private sector employment, service activity and the Personal Consumption Expenditures (PCE) Index - the Fed's preferred inflation measure - all scheduled for release this week.

Expectations for an early rate cut by the Fed have soared since late November, after some policymakers expressed more concern about a weakening labor market than about persistently high inflation. Further bolstering those hopes was a survey released by the Institute for Supply Management (ISM) on December 1 showing its manufacturing index fell for the ninth straight month, to 48.2 from 48.7.

In Vietnam, at the end of the session on December 1, the VN-Index increased by 10.68 points, or 0.63%, to 1,701.67 points. In contrast, the HNX-Index decreased by 2 points, or 0.77%, to 257.91 points.

Source: https://baotintuc.vn/thi-truong-tien-te/pho-wall-mat-da-khi-nha-dau-tu-than-trong-doi-them-du-lieu-ve-kinh-te-my-20251202075248369.htm