US, European stock indices fall amid economic uncertainty

(MENAFN) Yesterday, both US and European stock indices experienced declines as investors exercised caution in anticipation of crucial economic data releases and the Federal Reserve meeting scheduled for the week. Investors closely monitored these events to gauge the stance of the US central bank regarding monetary policy adjustments in the current year.

In the US, the Dow Jones Industrial Average dropped by 14.09 points, equivalent to a 0.04 percent decrease, settling at 38,784.90 points. Similarly, the Standard & Poor's 500 index fell by 5.77 points, or 0.11 percent, to close at 5,341.22 points. However, the Nasdaq Composite Index remained unchanged, holding steady at 17,083.45 points.

Meanwhile, European stocks faced downward pressure following French President Emmanuel Macron's announcement of early elections after a significant defeat in the European Parliament elections to the right-wing parties. This development heightened traders' concerns regarding expectations around interest rates.

Specifically, France's CAC 40 index experienced a notable decline of 1.8 percent, reaching its lowest levels in more than three months. This downward movement in European stocks reflected the market's response to the political uncertainty stemming from Macron's decision, further adding to the prevailing economic concerns globally. 

MENAFN11062024000045015682ID1108320063