The Nasdaq and Standard & Poor’s 500 indexes closed lower on Thursday, posting losses for a third consecutive session, as investors tried to digest the Federal Reserve’s latest hawkish move to curb inflation by selling growth-related stocks such as technology companies.
The US central bank raised interest rates by 75 basis points, as expected on Wednesday, and hinted that its hawkish policy will continue for longer than markets expect, which raised fears of more volatility in stock and bond trading during a year that has already seen both asset classes plummet. .
The US market was already nervous after several companies, most recently FedEx and Ford Motor, revealed bleak earnings forecasts.
Among the 11 sub-indices of the Standard & Poor’s Index, stocks of luxury goods and stocks of financial institutions were among the biggest losers.
Shares of giant technology companies and growth-related companies such as Amazon, Tesla and Nvidia fell as US Treasury yields rose to an 11-year high.
According to preliminary data, the Standard & Poor’s 500 index fell 32.08 points, or 0.87 percent, to close at 3,757.06 points, the Nasdaq Composite Index lost 156.15 points, or 1.39 percent, to 11,064.04 points, and the Dow Jones Industrial Average fell 115.39 points, or 0.38 percent, to 30068.39 points.
MENAFN22092022000110011019ID1104911220
Legal Disclaimer: MENA Financial Services Network provides the information “as is” without any representations or warranties…whether express or implied. This is a disclaimer of our responsibility for the privacy practices or the content of sites attached within our network, including images. and videos. For any inquiries regarding the use and reuse of this source of information please contact the provider of the above article.