Business & Investment

Wall Street holds breath ahead of Fed statement, market falls

All three major Wall Street indices on Wednesday are S & P 500 Nasdaq Float just below Record high, Because investors were waiting for imminent news from the United States Federal ReserveThe latest policy meeting.

The Federal Reserve Board has previously sought to alleviate concerns that rising inflation would help tighten monetary policy, but Tuesday’s data show rising producer prices, tapped by central banks when they meet. I’m hoping again that we might start a discussion about closing the week.

Inflation concerns have dominated the market for the past few weeks, despite strong corporate earnings and a gradual resumption of the US economy helped bring the S & P 500 and Nasdaq to record highs.

Sean Snyder, head of investment strategy at Citi Personal Wealth Management, said, “If the Fed is talking about tapering, we can see a kneeling reaction that the market will sell out, and once the uncertainty is resolved, the market will reopen. It will start to recover. ” ..

“There is a lot of debate about tapering as if it would cause a market disaster, but for me, whenever a policy becomes clear, it’s a good thing and people may underestimate it. May. ”

The central bank’s latest policy statement will be released at 2:00 pm Eastern Standard Time (1800 pm Greenwich Mean Time) with new economic forecasts.

Interest rate-sensitive bank stocks fell 1.7%, tracking the decline in benchmark 10-year Treasury yields.

Citigroup, Inc. fell 4.4% as chief financial officer Mark Mason warned that a slowdown in institutional business and higher costs could prevent economic recovery from improving banks’ profits. ..

The energy stocks index also fell 0.9%, despite stable US oil prices, centered on a few-year high of $ 72 a barrel, which was a hit in the previous session.

Of the 11 major sector indexes, only three were in the positive areas: health care, consumer discretion, and retail.

By 1:28 pm (Eastern Time) Dow Jones The average of 30 industrial stocks fell 157.04 points (0.46%) to 34,142.29, the S & P 500 fell 13.42 points (0.32%) to 4,233.17, and the Nasdaq Composite Index fell 18.25 points (0.13%) to 14,054.60.

Oracle Corp dropped 4.8% as business software makers predicted profits this quarter to fall below Wall Street estimates.

New Oriental Education & Technology Group, TAL Education Group, Gaotu Techedu Inc New York-listed shares of Chinese tutoring firms New Oriental Education & Technology Group, TAL Education Group, Gaotu Techedu Inc in New York after Reuters reports that China is ready to announce a much tighter crackdown than expected It fell between%. industry.

The S & P 500 hit a 52-week high 24 times, never breaking a low. The Nasdaq Composite recorded 74 new highs and 20 new lows.

Wall Street holds breath ahead of Fed statement, market falls

https://economictimes.indiatimes.com/markets/stocks/news/pre-fed-jitters-keep-dow-jones-sp500-below-record-highs/articleshow/83575172.cms Wall Street holds breath ahead of Fed statement, market falls

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