2023-06-24 01:50:01
Reporters reported that The Dow Jones New York Stock Exchange closed lower on Friday (June 23, 2023) as investors worried about rising interest rates in the United States. After Federal Reserve Chairman Jerome Powell said to Congress this week that The Fed will continue to raise interest rates to stem inflation. But it will be proceeding with caution.
The Dow Jones Industrial Average closed at 33,727.43 points, a decrease of 219.28 points or -0.65%, the S&P 500 index closed at 4,348.33 points, a decrease of 33.56 points or -0.77%, and the Nasdaq index closed at 13,492.52 points, a decrease of 138.09 points or -1.01%.
All 3 stock indices closed this week. The Dow was down 1.7%, the S&P 500 was down 1.4% and the Nasdaq was down 1.4%.
The S&P500 closed lower this week after 5 consecutive weeks of gains. This was the longest consecutive gain since November. 2021, while the Nasdaq index closed this week. After 8 consecutive weeks of gains, the longest since March. 2019
In addition, the S&P500 and Nasdaq posted their biggest percentage drop this week since early March.
All 11 stocks on the S&P500 index lost, with utilities the biggest percentage loss.
Large interest rate-sensitive stocks weighed down the Nasdaq, led by Microsoft Corp, Tesla Inc and Invidia Corp.
U.S. stocks came under pressure after San Francisco Fed President Mary Daly said in an interview with Archyde.com on Friday that Two more rate hikes by the Fed this year are very reasonable predictions. And reiterated Mr Powell’s demands to be more cautious in monetary policy.
Atlanta Fed President Tom Barkin said on Thursday he did not believe inflation was moving toward its 2 percent target, but said he would not expect the outcome of the Fed meeting. in July
The CME’s FedWatch tool indicates financial markets expect a 74.4% chance the Fed will begin raising rates by 0.25% at its July meeting.
Chip stocks weighed down tech stocks. The Philadelphia semiconductor stock index fell 1.8 percent.
Starbucks Corp shares fell 2.5% after Starbucks’ labor union said about 3,500 U.S. workers would protest next week over the company’s prohibition on store decorations for Pride Month. of pride of the LGBTQ+ community
but carmax stocks Inc., a used-car marketplace, jumped 10.1% in the opposite direction after it posted better-than-expected quarterly profit.
The US stock market was also pressured by weak economic data releases. by S&P Global revealed that Purchasing Managers’ Index (PMI) includes preliminary US manufacturing and services sectors. It dropped to 53.0 in June, the lowest level since March. from 54.3 in May
However, the PMI index is still above 50, indicating that the US business sector is expanding. which has expanded for the fifth consecutive month
The PMI was supported by a rebound in new orders and employment. But business sentiment tumbled to a six-month low.
Preliminary Manufacturing PMI It dropped to 46.3, the lowest level in six months, from 48.4 in May and the preliminary service sector PMI. It dropped to 54.1, a two-month low, from 54.9 in May.
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