US benchmark equity indexes experienced declines ahead of Friday's close as markets evaluated statements from Federal Reserve officials alongside the latest economic data. The Nasdaq Composite fell sharply by 2.4%, closing at 18,648.4, while the S&P 500 decreased by 1.5% to 5,861.3. The Dow Jones Industrial Average also saw a loss of 0.8%, ending at 43,416.1.
Among various sectors, technology faced the most significant downturn, whereas utilities emerged as the leading gainers. Chicago Fed President Austan Goolsbee stated that policymakers remain on course to meet their economic targets and are likely to continue easing monetary policy. "To me, the conditions on the dual mandate side are looking pretty balanced," Goolsbee noted.
"So we should be thinking over the next year, year and a half, the rates need to come down." Meanwhile, Boston Fed President Susan Collins indicated that a possible reduction in interest rates next month is "certainly on the table, but it's not a done deal." Additionally, US 10- and two-year yields experienced a rise of 1.5 basis points and 1.1 basis points, reaching 4.44% and 4.30%, respectively.
In positive economic news, US retail sales for October exceeded expectations, boosted by a significant increase in auto purchases; past figures for September were revised upward. However, US industrial production has continued to decline for the second consecutive month in October, adversely affected by a recent strike at plane manufacturer Boeing and the repercussions of two hurricanes.
West Texas Intermediate crude oil recorded a drop of 2.5%, settling at $66.97 per barrel..