June 28, 2022

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Nice drop on Wall Street after a strong recovery

Nice drop on Wall Street after a strong recovery

Last week ended with a broad rally in the three leading stock indexes on Wall Street. The rally was so strong that May finally ended with a steady improvement for the S&P 500 and Dow Jones, while the Nasdaq fell nearly three percent.

Monday was American Memorial Day, a national holiday, and thus Tuesday was the first trading day of the week. The strong recovery from Friday does not appear to continue this week of the stock exchange at the opening on Tuesday, as all of these indexes are down close to one percent.

On the other hand, by 8:00 Norway time, the indicators rebounded sharply, and the day ended with a cautious decline.

  • The broad S&P 500 index closed down 0.53 percent
  • The heavy Dow Jones Industrial Average closed down 0.67 percent
  • The Nasdaq Technology Stock Exchange closed down 0.41 percent.

Waller wants to raise interest rates

On Wednesday last week, the minutes came from the US Federal Reserve’s latest interest rate meeting. It turns out that the central bank is willing to continue its rate increases by 50 basis points at a time for the next rate increases.

On Monday, Federal Reserve Governor Christopher Waller came out and argued that the Fed should keep raising interest rates 50 basis points at a time, until inflation begins to approach the inflation target again.

“I will not take 50 basis point interest rate increases off the table until I see inflation close to our 2 percent target,” Waller said in a speech at Goethe University Frankfurt in Germany.

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As the minutes from the previous monetary policy meeting show, this is not the Fed’s majority opinion. The majority would rather envision double rate hikes in June and July, so that they can then adopt a more flexible stance later in the fall. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.