Stocks declined in early New York trading as investors assessed the latest signs of economic malaise from the US and China amid speculation about the Federal Reserve’s rate-hike trajectory.Both the S&P 500 and and tech-heavy Nasdaq 100 retreated. Data Monday showed New York state manufacturing activity unexpectedly contracted in May for the second time in three months, stoking concerns of slowing economic activity that may complicate the Fed’s policy path. Treasury yields dipped along with the dollar.The New York Fed’s data are the first of several regional Fed manufacturing numbers set for release over the coming weeks. Similarly disappointing figures may temper bets on a steep rate-hike cycle as the Fed battles inflation. Meanwhile, China’s industrial output and consumer spending hit the worst levels since the pandemic began, hurt by Covid lockdowns.
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