Stock market today: US stocks fall as rate-cut bets get a reality check | January 17, 2024

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U.S. stocks fell on Wednesday to signal no letup in a rough January, as investors’ optimism for interest rate cuts got a reality check and worries grew about China’s economy.

The Dow Jones Industrial Average (^DJI) fell 0.3%, while the S&P 500 (^GSPC) slid 0.7%, set to build on Tuesday’s losing start to the holiday-shortened week. The Nasdaq Composite (^IXIC) was down roughly 1.1%.

Stocks have struggled as policymakers push back against persistent bets that central banks will cut rates early and often in 2024. ECB president Christine Lagarde on Wednesday joined the likes of Federal Reserve governor Chris Waller in warning that expectations of imminent loosening are too high.

Another knock back came from disappointing GDP data, suggesting that China’s growth is flagging despite stimulus measures. Oil prices fell amid fears of a pullback in demand from the world’s second-biggest economy.

Also out Wednesday, the December retail sales report showed consumer spending remains resilient. Retail sales grew 0.6% in December, according to Census Bureau data. Economists had expected a 0.4% increase, according to Bloomberg data.

Regional bank fourth quarter results are in focus in the morning after earnings from Wall Street’s big lenders got a mixed reception.

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