US Stocks Dip as Manufacturing Data Suggests Rate Cut Delay

US Stocks Dip as Manufacturing Data Suggests Rate Cut Delay

Most US stocks slipped as concerns over Federal Reserve interest rate cuts persisted. The Dow slipped by 0.6%, the S&P 500 by 0.2%, and the Nasdaq eked out a 0.1% gain. Notably, data showed that US manufacturing grew for the first time in 18 months in March 2024, hinting at economic strength. However, analysts said that this might delay anticipated rate cuts. Notable movers in the US stock market included FedEx, dropping over 3%, and Micron Technology, climbing nearly 5.5%. Meanwhile, Trump Media, the newly listed firm of former US President Donald Trump, tumbled 21.5% after posting disappointing financial earnings.