NEW YORK -- New York -- Stocks fell to a low on Thursday, as investors started to show signs of exhaustion. The June CPI was 9.1 percent in the U.S. kept buyers at bay because of fears that the Federal ReserveFederal Reserve will be bolder in hiking rates.
Eddie Cheng, head of international multi-asset investment at Allspring Global Investments, told Reuters on Thursday that the Fed probably needs to temper people's expectations in terms of what they can do.
In the past hiking cycle, we have observed that inflation kept rising during the hiking cycle. It takes time for the monetary policy to affect inflation. The Nasdaq Composite was up 3.60 points or 0.02 percent to close Thursday at 13,251. The Dow Jones industrials declined by 142.62 points or 0.46 percent to 30,630. The Standard and Poor's 500 fell by 11.40 points or 0.30 percent to 3,790. The U.S. dollar held firm. The euro was close to par with parity, finishing the New York session on Thursday at 1.0014. The British pound fell to 1.1825. The Swiss franc has softened to 0.9835.
The Canadian dollar fell to 1.3104. The Australian dollar fell to 0.6746. The New Zealand dollar fell to 0.6121.
The FTSE 100 in London fell 1.63 percent. The German Dax was down 1.86 percent. The Paris-based CAC 40 lost 1.41 percent.
The unemployment number was rallied by the Australian All Ordinaries, adding 40.80 points or 0.60 percent to 6,848. In New Zealand, the S&P NZX 50 jumped by 77.67 points or 0.70 percent to 11,187. China's Shanghai Composite fell by 2.55 points or 0.08 percent to 3,281. In South Korea, the Kospi Composite lost 6.29 points or 0.27 percent to 2,322. The Hang Seng in Hong Kong dropped 46.72 points or 0.22 percent to close at 20,751.