https://sputnikglobe.com/20220916/us-stocks-tumble-4th-week-in-five-ahead-of-another-big-expected-rate-hike-1100885021.html
US Stocks Tumble 4th Week in Five, Ahead of Another Big Expected Rate Hike
US Stocks Tumble 4th Week in Five, Ahead of Another Big Expected Rate Hike
Sputnik International
NEW YORK (Sputnik) - Fears of a third outsized US rate hike in a row sent stocks on Wall Street skidding, delivering equity bulls their fourth losing week in... 16.09.2022, Sputnik International
2022-09-16T21:55+0000
2022-09-16T21:55+0000
2022-12-19T13:55+0000
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The Dow Jones Industrial Average, Wall Street’s broadest equities indicator comprising stocks of 30 large US corporations, closed Friday down 0.5% at 30,822. For the week, the Dow lost 4.1%, contributing to the net loss of nearly 9% over the past five weeks.The S&P 500 Index, which represents the top 500 US stocks, settled down 0.7% on the day and 4.8% on the week at 3,873. Its net loss over the past five weeks was almost 10%.The Nasdaq Composite Index, which comprises marquee names in technology such as Amazon, Apple, Facebook, Netflix and Google, finished down almost 1% at 11,448. For the week, the Nasdaq 5.5%, contributing to the net loss of nearly 13% over the past five weeks.Stocks plunged ahead of a third straight rate hike of 75 basis points expected from the Federal Reserve when it meets on September 21.Inflation, as measured by the Consumer Price Index, or CPI, grew by an annualized 8.3% for August, above the 8.1% forecast by economists.In June, the CPI expanded by an annualized 9.1%, growing at its fastest pace in four decades. With the headline inflation figure abating less than 1% over the past two months despite the best efforts of policy-makers, economists said they expect the Fed to resort to another substantial rate hike this month.The Fed has raised rates by 225 basis points in four increases since March, with two back-to-back 75 basis point hikes in June and July. Money market traders expect a third 75-basis point increase when the central bank meets on September 21 to decide on rates.The Fed’s target for inflation is a mere 2% a year and it has vowed to raise interest rates as much as necessary to achieve that.
https://sputnikglobe.com/20220916/us-stocks-dow-index-heads-for-worst-week-since-october-2020-ahead-of-rate-hike-1100871349.html
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US Stocks Tumble 4th Week in Five, Ahead of Another Big Expected Rate Hike
21:55 GMT 16.09.2022 (Updated: 13:55 GMT 19.12.2022) NEW YORK (Sputnik) - Fears of a third outsized US rate hike in a row sent stocks on Wall Street skidding, delivering equity bulls their fourth losing week in five.
The Dow Jones Industrial Average, Wall Street’s broadest equities indicator comprising stocks of 30 large US corporations, closed Friday down 0.5% at 30,822. For the week, the Dow lost 4.1%, contributing to the net loss of nearly 9% over the past five weeks.
The S&P 500 Index, which represents the top 500 US stocks, settled down 0.7% on the day and 4.8% on the week at 3,873. Its net loss over the past five weeks was almost 10%.
The Nasdaq Composite Index, which comprises marquee names in technology such as Amazon, Apple, Facebook, Netflix and Google, finished down almost 1% at 11,448. For the week, the Nasdaq 5.5%, contributing to the net loss of nearly 13% over the past five weeks.
16 September 2022, 15:20 GMT
Stocks plunged ahead of a third straight rate hike of 75 basis points expected from the Federal Reserve when it meets on September 21.
"Wall Street was already nervous that the Fed’s inflation fighting mission was going to trigger a recession, but now it seems corporate America is already showing signs that the economy is slowing," said Ed Moya, analyst at online trading platform OANDA. "If the Fed signals they are stepping up their fight against inflation, further pain could be ahead."
Inflation, as measured by the Consumer Price Index, or CPI, grew by an annualized 8.3% for August, above the 8.1% forecast by economists.
In June, the CPI expanded by an annualized 9.1%, growing at its fastest pace in four decades. With the headline inflation figure abating less than 1% over the past two months despite the best efforts of policy-makers, economists said they expect the Fed to resort to another substantial rate hike this month.
The Fed has raised rates by 225 basis points in four increases since March, with two back-to-back 75 basis point hikes in June and July. Money market traders expect a third 75-basis point increase when the central bank meets on September 21 to decide on rates.
The Fed’s target for inflation is a mere 2% a year and it has vowed to raise interest rates as much as necessary to achieve that.
