US markets in red as Fed says no rush to cut rates

US stock indices turned negative on Thursday as investors assessed economic data that reignited inflation concerns. This coincided with remarks from Federal Reserve Chair that there is no need to rush rate cuts.

The Dow Jones Industrial Average fell nearly 0.45%, or 207 points, to 43,750 points.

Likewise, the S&P 500 Index edged down around 0.6%, or 36 points, to reach 5,949 points.

Nasdaq Composite declined 0.65%, or 123 points, ending at 19,107.

As for the European indices, STOXX Europe 600 added 1.10% to 507 points.

FTSE 100 gained 0.5% to 8,071 points, while DAX 40 surged 1.35%, to 19,263 points. CAC 40 also rose 1.3%% to 7,311 points.

In Japan, Nikkei 225 inched down 0.5% to 38,535 points. TOPIX eased 0.25% at 2,701 points.

In the oil market, Brent crude futures for January 2025 delivery rose 0.4%, or 28 cents, to $72.56 a barrel after declining to $71.79 a barrel during the session.

Meanwhile, WTI crude futures for December delivery rose 0.4%, or 27 cents, to $68.70 a barrel, after touching $67.92 a barrel during the session.

As for gold, December gold futures declined by 0.55%, or $13.6, to $2,572.9 per ounce, marking the lowest level for the yellow metal since Sept. 11 ($2,542.4).