The Dow Jones Industrial Average (DJIA) is down a little over half a percent as markets round the corner into the Friday closing bell with US equities broadly lower on the day. An extended pullback in the tech and telecoms sectors are dragging down the averages, with limited gains to keep the Dow Jones on-balance as markets buckle down for the weekend.
According to the CME’s FedWatch Tool, rate futures are pricing in nearly a 41% chance of no rate movement from the Federal Reserve (Fed) at the US central bank’s June rate call. Money markets see an over 90% chance of no rate cuts from the Fed at both the March and May rate statements. The Fed’s next rate call and update to the Fed’s in-houser Dot Plot summary of rate projections are due next week at 1800 GMT on Wednesday.
The Technology Sector has extended into a four-day pullback after peaking on Monday, shedding an additional 1.4% on Friday. A 1.2% decline in the Communications Services Sector follows closely behind the Tech Sector’s pullback.\
The Materials and Industrials Sectors are in the green on Friday but doing little to counterbalance headline losses, gaining a scant 0.22% and 0.11%, respectively
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