The Dow is down more than 100 points, while Wall Street continues its decline today. Amid the sell-off in technology stocks
As of 9:58 p.m. GMT, the Dow Jones Industrial Average was 34,611.63, minus 103.76, or 0.3%, while the S&P 500 is down 0.79%.
The Nasdaq fell 1.3% and was on track for its worst weekly gain since October 2020.
Netflix shares are down 21% in today’s trading. After the company revealed that the number of users has slowed down in the 4th quarter.
Investors are keeping an eye on the earnings of Apple, Inc. and Tesla, Inc., which will be reported next week.
Markets are also keeping an eye on the Fed’s January 25-26 monetary policy meeting after several Fed officials expressed their support for a March rate hike to curb inflation. These include Fed Governor Lael Bernard, Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker and Mary Daly, President of the Fed, San Francisco Branch
The CME Group’s FedWatch Tool indicates that investors are weighing more than 90 percent that the Fed will raise interest rates by 0.25% at its March monetary policy meeting. This was the month when the Fed ended its quantitative easing (QE) bond-buying program, with the Fed expected to raise interest rates four times this year.
On the Goldman side Sachs forecasts the Fed will raise interest rates four times this year and will begin cutting its balance sheet in July or sooner. from the current skyrocketing to more than 8 trillion dollars