An analyst said new Fed chief Kevin Warsh told investors the central bank is "in price stability business."
Specialist Patrick King, left, and trader Mark Puetzer work on the floor of the New York Stock Exchange, Friday, Jun 26, 2026. (Photo: AP/Richard Drew)
02 Jul 2026 01:02AM
LONDON: Stock markets traded mixed on Wednesday (Jul 1) amid a bout of profit-taking, with the new head of the Federal Reserve, Kevin Warsh, indicating taming inflation is his top priority.Wall Street's main indices opened lower, with the Dow coming off a second straight record close and the tech-rich Nasdaq its best quarterly gain in six years with a 21.4 per cent gain.But the profit-taking was short-lived, with the market pushing higher during the morning session in New York.European stocks ended the day mostly lower.Asian stock markets made some gains after Wall Street's strong performance on Tuesday.Stock markets globally enjoyed a largely fruitful first half of the year thanks to a surge in tech stocks on the AI boom, but ructions in the sector over the past few weeks have revived concerns that a bubble has formed.While markets have endured such issues in the past, and bounced back to scale more heights, there is talk that the latest pullback might be more lasting.
