NEW YORK STOCK MARKET END DOWN
par Stephen Culp
NEW YORK (Archyde.com) – The New York Stock Exchange ended lower on Monday as its major indexes extended their decline during the session following comments from the chairman of the United States Federal Reserve (Fed) suggesting that it could act more aggressively than expected to deal with high inflation.
The Dow Jones index fell 0.58%, or 201.94 points, to 34,552.99 points.
The broader S&P-500 lost 1.94 points, or 0.04%, to 4,461.18 points.
The Nasdaq Composite fell for its part by 55.38 points (0.40%) to 13,838.46 points.
It’s a setback for Wall Street’s three major indices, after four consecutive sessions of gains in the wake of their biggest daily gains since November 2020.
Jerome Powell’s comments, expected during an intervention before the National Association of Business Economics (NABE), have fueled the climate of uncertainty linked to Russia’s offensive in Ukraine.
Noting that the tenor of the Fed boss’s statements had been broadly perceptible since last week, Matthew Keator, director of the Keator Group in Lenox, Massachusetts, said there remained, however, “questions about the assumption of a higher (of the policy rate) by 50 basis points earlier than expected”.
He added that he does not expect a series of 50 basis point hikes by the end of the year.
As fighting continues to rage in Ukraine, despite peace talks, oil prices have continued to rise, with speculation that the European Union decides to emulate the United States in banning oil imports Russian.
Six of the eleven major sectors of the S&P-500 finished in the red, notably communication services. Conversely, the energy sector posted the strongest growth, with +3.8%.
On the stock side, Boeing declined 3.6% after one of its 737-800 aircraft, operated by China Eastern Airlines, crashed in southern China, reportedly killing all people on board.
On the sidelines of the banning of Facebook and Instagram in Russia, where it was called an “extremist organization”, the Meta group fell 2.3%.
* The reminder of the session in Europe: [.EUFR]
* TO BE FOLLOWED ON TUESDAY:
(French version Jean Terzian)