US markets ended Thursday in negative territory as investors weighed fresh economic data and policy uncertainty. The S&P 500 slipped 0.22% to close at 5,662.89, while the Nasdaq Composite fell 0.33% to 17,691.63, dragged down by tech giants Apple and Alphabet. The Dow Jones Industrial Average was nearly flat, inching down 11 points to 41,953.32.
Federal Reserve decision fuels caution
Markets had attempted a rebound earlier in the session following Wednesday’s Federal Reserve decision to hold interest rates steady while forecasting two rate cuts later this year. However, concerns over economic growth and rising inflation expectations dampened sentiment.
Accenture hit by federal spending cuts
Accenture was one of the biggest losers on the day, with its stock plunging more than 7% after revealing that its federal services division lost key government contracts due to spending cuts under the Trump administration. The announcement raised concerns about how further fiscal tightening could impact private sector firms reliant on federal funding.
Tariff concerns add to uncertainty
Investors are also bracing for potential trade disruptions, with a tariff exemption on certain Canadian and Mexican imports set to expire on April 2. Analysts warn that an escalation in trade tensions could slow economic growth, even as the Fed continues to monitor inflationary pressures.
Commodities and the dollar
Spot gold is trading at US$3,044.89 an ounce, down 0.1%.
Brent crude is trading at US$72.21 a barrel, up 2.02%.
One Australian dollar is buying 63 US cents.
Futures
The SPI futures are pointing to a 17 point fall.
