Red on Wall Street | FinanceAffairs.com

Red on Wall Street |  FinanceAffairs.com

Wall Street's major indexes continued their decline during the second trading day of the year.

– In the long term, I am still very optimistic. “But in the short term, I'm concerned that everyone is going to go into the year feeling very good,” Neuberger Berman portfolio manager Steve Eisman told CNBC's Fast Money on Tuesday.

He added that short-term corrections are not unusual as the market emerges from new highs and enters a new year, noting that the market looks positive over six to twelve months.

The market's eyes were on the Federal Reserve's interest rate report Wednesday afternoon, which showed the central bank was not yet ready to cut interest rates.

“Participants generally stressed the importance of maintaining a cautious and data-based approach to monetary policy decisions and emphasized that it would be appropriate for policy to remain in a restrictive stance,” the minutes said.

Meanwhile, the Fed wrote that it expects to cut interest rates three times during 2024. This corresponds to 0.75 percentage point, or an interest rate level of between 4.50 and 4.75 percent.

On Wednesday, the Standard & Poor's 500 index fell 0.80 percent to 4,704.74 points, while the Nasdaq technology index fell 1.18 percent to 14,592.21 points. Industrial heavyweight Dow Jones fell 0.75 percent to 37,430.45 points.

Volatility index – VIX – It rose 4.02 percent to 19.75, while Ten-year US Treasury bonds It decreased to 3.90 percent.

movements

Big Tech companies had no wind in their sails this week. The owner of Facebook Meta, Amazon, Netflix, Apple, and Alphabet (also known as FAANG stocks) had a mixed day on the stock market on Wednesday.

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  • Facebook shares fell 0.51 percent to $344.5.
  • Amazon shares fell 0.97 percent to $148.4.
  • Apple shares fell 0.69 percent to $184.3.
  • Netflix shares rose 0.37 percent to $470.2.
  • Alphabet shares rose 0.55 percent to $138.9.

Digital printing company Xerox It announced it would cut 15 percent of its workforce in the first quarter as part of a broader restructuring. The share fell to approximately 12 percent.

Charles Schwab The company's stock fell about 3% after Goldman Sachs cut the brokerage's rating to neutral from buy, saying lower interest rates could pressure profits.

Shares of a Canadian-based energy company Suncor Energy Company It rose more than 5 percent after announcing fourth-quarter manufacturing numbers that beat Wall Street estimates. The company also said December was its best month ever, with upstream production averaging 900,000 barrels per day.

Eli Lilly The company's stock rose more than 4 percent after Bank of America named Eli Lilly, maker of the weight-loss drug Zibound, as its top pick in the new year.

Solar energy companies Phase energy And Solarridge Shares were among the biggest losers today after falling 6.4 and 5.3 percent, respectively.

Oil and cryptography

Brent oil It rose 3.26 percent to $78.48 per fat dollar, man West Texas Intermediate Oil It rose 3.57 percent to $73.09 per barrel.

At closing time on Wall Street, trading takes place Bitcoin Down 4.91 percent to $42,742.0 per coin, while Ethereum It traded down 5.93 percent to $2,215.9 per coin.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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