U.S. stocks turn down amid prolonged interest rate concerns


In the trading on Tuesday morning, stocks fell sharply and returned to a downturn following the significant backlash seen in the previous session. The main average is more than offsetting the rise on Monday, but remains off the daytime lows of the months set during the day.

The major averages have regained some position in recent trading, but they continue to make sharp losses. The Dow fell 384.56 points (1.1%) to 33,979.94, the Nasdaq fell 291.37 points (2.1%) to 13,563.75, and the S & P 500 fell 73.49 points (1.7%) to 4,336.64.

Prolonged concerns about the outlook for monetary policy have contributed to Wall Street’s retreat as a two-day meeting of the Federal Reserve Board is underway.

The accompanying statement may suggest an early rate hike at the next meeting in mid-March, but the Fed is likely to leave interest rates unchanged when it announces its decision on Wednesday.

CME Group’s FedWatch tool now shows that the Fed has an 84.8% chance of raising interest rates by a quarter point in March.

In terms of earnings, General Electric (GE) stocks fell sharply after conglomerates reported fourth-quarter earnings above analysts’ expectations but weaker than expected earnings.

3M (MMM) also turned down that day, despite reporting that its fourth-quarter performance was better than expected at both the top and bottom lines.

Meanwhile, American Express (AXP) stocks have shown significant strength after credit card giants reported better results than expected in the fourth quarter.

In US economic news, the Conference Board released a report in January showing that consumer confidence was lower than expected.

The Conference Board said the January consumer confidence index fell to 113.8 after rising to 115.2, which was revised in December. Economists expected the index to drop from 115.8, which was first reported last month, to 111.9.

Semiconductor stocks have shown considerable weakness in the morning trading, down 2.7% in the Philadelphia Semiconductor Index.

Nvidia (NVDA) shares are under pressure after graphics chip makers are preparing to abandon Arm’s $ 40 billion acquisition from SoftBank Group Corporation, Bloomberg reports. increase.

Significant weaknesses have also emerged among software stocks, with the Dow Jones US Software Index down 2.3%.

The Philadelphia Housing Sector Index surged 3.1% in the previous session and then fell 2.2%, helping housing stocks to lead the rebound on Monday, after which housing stocks have also shown considerable weakness.

Tobacco, retail and network stocks, like most of the other major sectors, have fallen, showing a marked downtrend.

In foreign trade, stocks market During trading on Tuesday, the entire Asia Pacific region fell sharply. Japan’s Nikkei 225 Index fell 1.7%, while China’s Shanghai Composite Index fell 2.6%.

Meanwhile, the major European markets were mixed that day. Germany’s DAX index fell 0.2%, the UK’s FTSE 100 index rose 0.2%, and France’s CAC 40 index rose 0.7%.

In the bond market, the Treasury was under pressure early in the session, but has since recovered. As a result, the benchmark 10-year bond yield was the opposite of the price, reaching a high of 1.774% and then rising 1.4 basis points to 1.794%.

Contact for comments and feedback: editorial@rttnews.com

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U.S. stocks turn down amid prolonged interest rate concerns

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The post U.S. stocks turn down amid prolonged interest rate concerns appeared first on Eminetra.


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