Wall Street closes lower, crypto stocks drop
US stocks have closed modestly lower, weighed down by a jump in US government bond yields and economic data that showed tariffs remained a drag on the manufacturing sector, as investors looked toward the Federal Reserve’s policy announcement next week.
The Institute for Supply Management’s survey showed US manufacturing contracted for a ninth straight month in November, as factories dealt with slumping orders and higher prices as the effect from tariffs lingered.
Markets have largely priced in a rate cut from the Fed at the conclusion of its two-day policy meeting on December 10. They are pricing in an 85.4 per cent chance of a 25 basis-point cut, according to CME’s FedWatch.
The Dow Jones Industrial Average fell 427.09 points, or…
