Turned Out Good Economic News Was Bad News, and Overbought Markets Sold Off Late Today
As of one hour before the market close today, May 22, 2024, the US stock markets are experiencing declines, driven by stronger-than-expected economic data, which ironically raises concerns about the potential for and timing of Fed rate cuts.
Economic Data:
Services and Manufacturing: Both sectors exceeded economists' expectations in May, according to the…
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