Global equity markets experienced a downturn while the dollar strengthened, spurred by unexpectedly robust U.S. economic data raising uncertainties about future Federal Reserve rate cuts.

The Commerce Department revealed an improved second-quarter GDP growth rate, prompting rises in Treasury yields and cautious investor outlooks despite the decline in unemployment benefit claims.

Market experts suggest that while equities require sustained momentum for upward movement, the Fed's balancing act between easing rates and controlling inflation remains pivotal amid evolving economic indicators.

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