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Due to the upcoming data release, U.S. stock indices took a hit as Wall Street's decline expanded. The S&P 500 fell 0.4% to 5,264 points; the Nasdaq dropped 0.5% to 18,713 points. In the after-hours trading session, Nvidia led the gains, rising 1% to 1,137 points after an initial drop.
Investors sold off U.S. assets due to concerns that high interest rates could affect economic growth. The impending PCE price index release also fueled risk aversion. This increased demand for the dollar, making it another safe-haven asset alongside gold.
Hawkish comments from Federal Reserve members exacerbated the decline in U.S. stocks. Several members warned that inflation must significantly drop before any rate cuts. Currently, the U.S. inflation rate stands at 3.36%, far from the Fed's long-term goal of 2%.
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