The S&P 500 is down 7.500 points after Thanksgiving. This offset all the gains the index had this week.
Earlier, stocks were rising amid strong economic data and slightly hawkish statements from the Fed, which raised expectations of a faster policy tapering. Concerns that inflation will skyrocket also intensified, so traders were in no mood to pass up the opportunity to bet on an early rate hike.
As for dollar, it continued its fifth weekly rally, thanks to multiple technical patterns and fundamentals that helped it to rise. This includes the reduction in excess liquidity in global markets and concerns about a persistent pandemic.
Lower stock volumes may be seen this Friday as US markets close three hours earlier than usual.
Other important data are:
- volume of retail sales in Australia;
- speech of ECB President Christine Lagarde.