OECD Reduces U.S. Economic Forecast, Stock Market Opens Nearly Flat
Uncertainty surrounding President Trump's tariff policies continues as the Organization for Economic Cooperation and Development (OECD) greatly downgrades its growth forecast for the U.S. economy. It projects a GDP growth of 1.6% and 1.5% for this year and next, compared to last year's prediction of 2.8%, nearly a halving of the estimate. The market remains focused on trade negotiations between the U.S. and other countries.
At today's open, the major U.S. stock indices were nearly flat. The Dow Jones Industrial Average rose by 15.64 points, or 0.04%, to 42,321.12 points; the S&P 500 fell by 4.28 points, or 0.07%, to 5,931.66 points; the Nasdaq Composite Index dropped by 9.85 points, or 0.05%, to 19,232.77 points; and the Philadelphia Semiconductor Index decreased by 12.87 points, or 0.27%, to 4,819.91 points.
