Last updated: 2:18 PM EST
Stocks cut their losses in afternoon trading. As of 2:18 p.m. EST, the Dow Jones Industrial Average and the S&P 500 are down 0.4% and 0.1%, respectively. Meanwhile, the Nasdaq 100 is up 0.3%.
Earlier today, Philadelphia Fed President Patrick Harker gave his thoughts about the current economic situation. He stated that inflation is showing early signs of easing but still backed 25 basis point rate hikes going forward.
Indeed, he also sees the need for interest rates to climb higher than 5% and remain there for a while. In addition, he anticipates the unemployment rate to climb to 4.5%. Nevertheless, he appeared to be slightly more dovish than some of his colleagues, as he pointed to interest rate cuts potentially happening in 2024.
Last updated: 12:33 PM EST
Stocks are in the red halfway into today’s trading session. As of 12:33 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500…
