November 28, 2022

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The Fed's plays lowered Wall Street

The Fed’s plays lowered Wall Street

Wall Street fluctuated throughout Monday as investors digested comments from the Federal Reserve that confirmed more rate hikes are on the way, despite better-than-expected inflation data last week.

The S&P 500 fell 0.89 percent to 3,957.53, while the Nasdaq Technology Index fell 1.12 percent to 11,196.22. The Dow Jones Industrial Average fell 0.62 percent to 33,537.16.

Federal Reserve Chairman Christopher Waller stressed in a speech on Sunday that the Fed “still has a long way to go” before it becomes relevant to stop raising interest rates. Waller said the latest inflation data “represents only one data point” and that more such data should be seen to moderate interest rate increases.

Government bonds rose throughout the day on Monday as a result of the Fed’s moves. interest on Ten-year US Treasury bonds It rose to 3.87 percent. volatility index – VIX It rose 4.57 percent to 23.55 points.

movements

The owner of Facebook Meta, Amazon, Apple, Netflix and Alphabet (Google’s parent company), also known as FAANG stocks, had a mixed day on the stock exchange:

  • Facebook rose 1.06 percent to 114.22.
  • Amazon shares rose 2.28 percent to 98.49 points.
  • Apple shares fell 0.95 percent to 148.28 points.
  • Netflix shares rose 3.15 percent to 299.26 points.
  • Alphabet shares fell 0.74 percent to 95.70 points.

Amazon It fell after it became known that the e-commerce giant would lay off about 10,000 of its employees next week.

Among other individual moves, the oat milk product dropped Oats 12.6 percent to 2.14 after the announced figures disappointed analysts. Further, it revised guidance for the full year.

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Disney It fell 0.7 percent to 94.28 after announcing a hiring freeze and sharp cost cuts.

It appears that the cryptocurrency market is not suffering from a fallout FTX collapse last week. At the time the exchange closes on Monday, trading takes place bitcoin decreased by 0.10 percent to 16304.14, while Ethereum It decreased by 0.12 percent, to 1,219.3.

OPEC expectations led to lower oil prices

In a report released on Monday, OPEC said it expected global oil demand to reach 101.82 million barrels per day. On 2023. That’s down from the 102.02 million barrels today in the October report.

Brent crude fell 3.43 percent to 92.53 percent, while WTI fell 4.16 percent to 85.26.