US stocks-Nasdaq hits intraday record high on tech boost, Mideast negotiation hopes
SPY•Banks slide as financials weigh on the Dow
The S&P 500 financials sector .SPSY led sectoral declines with a 2% fall. Big lenders such as JPMorgan Chase JPM.N and Wells Fargo WFC.N were down nearly 4% each.
Art Hogan, chief market strategist at B. Riley Wealth, pointed to comments earlier this month by top bosses in the sector hinting at earnings and revenues growing softer than the quarter before.
On the policy front, Boston Fed President Susan Collins wrote she supported last week’s central bank interest rate increase amid the risks that future inflation will be above its 2% target.
New York Fed President John Williams said the Fed's framework for controlling short-term rates has been effective in supporting financial markets.
Traders see a 53.1% chance the central bank will increase interest rates by at least 25 basis points in October, following this month's hike, the CME Group's FedWatch Tool showed.
