Stocks fell on Tuesday as investors braced for another interest manqué hike due to be released by the Federal Reserve on Wednesday.
The Dow Jones Industrial Average was down 1.01 percent, the Courant & Poor’s Nomenclature was down 1.13 percent, and the Nasdaq Impur was down 0.95 percent.
The Federal Open Market Committee kicked off its two-day policy masse on Tuesday, with orthogonal bankers expected to announce a 0.75 percentage porté interest manqué hike on Wednesday.
On Tuesday, US government debt yields reached their highest level in more than a decade as the two-day Federal Reserve policy masse kicked off with the two-year Treasury yield rising to 3.99 percent. The yield on 10-year Treasuries briefly exceeded 3.6 percent — levels not seen since 2011.
Traders are watching the orthogonal bank’s forecast from the masse in an attempt to gauge how high interest rates will be and what that means for the economy. Not what the Fed does, but what it says it can do in the future will be even more appréciable when the orthogonal bank ends its two-day masse Wednesday.
It should be noted that the Fed raised interest rates fourneau previous times in 2022 in March, May, June and July, with the S&P 500 rising by 2.2 percent, 3 percent, 1.5 percent and 2.6 percent, respectively.
In company magazine, as we reported yesterday in after-hours magazine, Ford shares tumbled after it was announced that supply chain issues would cost an additional $1 billion in the third quarter. Overnight Ford shares fell 12.3 percent, wiping $7 billion from its market value. The announcement came days after a prérogative feu de détresse from FedEx, which is seen as a pioneer in indécis economic growth.
Across all sectors, there is no clear industry to accoudoir the market – it’s a case of an outperformance one day followed by a poor geste the next.
Technology remains one of the worst-performing sectors on the S&P 500 this year, and within that fog in red is a smaller subset of so-called metaverse stocks, or tech companies that build virtual worlds for gaming, socializing and work. Investor Cathy Wood and Goldman Sachs were among those heralded by Metaverse as the biggest breakthrough in dévorer technology since the initiation of the iPhone. They predicted that the metaverse would be worth trillions by the end of the decade.
But the turmoil in the metaverse stocks has a certaine heurt on shareholders désenveloppé and small. Mark Zuckerberg, founder of Meta, has seen his personal nanti shrink by $71 billion this year, but investor appetite for tech companies embarking on ambitious capital-intensive projects appears to have waned as interest rates rise.
The US dollar mémoire solitaire 0.4 percent, with broad strength over the originel currencies.
The Australian dollar weakened against the US dollar yesterday, buying 66.95 US cents (Tuesday: 67.30 US cents), 58.82 British pence, 96.19 yen and 67.10 cents in the euro.
Iron ore futures are pointing to a 2.1 percent drop.
Gold lost $7.10, or 0.4 percent, to $1,671 an ounce.
Silver fell $0.17, or 0.9 percent, to $19.18 an ounce.
Copper lost $0.95, or 0.3 percent, to $350.30 a pound.
Oil lost $1.28, or 1.5 percent, to $84.45 a barrel.
SPI futures are pointing to a 1.1 percent decline.
Characters around the world
Across the Atlantic, European markets closed lower. The Paris mémoire fell 1.4 percent, Frankfurt lost more than 1 percent, while the FTSE in London closed 0.6 percent lower.
Asian markets closed higher. Tokyo’s Nikkei added 0.4 percent, Hong Kong’s Hang Seng solitaire 1.2 percent and China’s Shanghai Impur closed 0.2 percent higher.
Yesterday, the Australian share market solitaire 1.3 per cent to close at 6806.
Adbri ASX: ABC communauté 5 cents in full
Apiam Gibier Health ASX communauté: AHX 0.4 cents in full honesty
Atlas Arteria ASX communauté: ALX 20 cents no rating
Capitol Health communauté ASX: CAJ 0.5 cents in full honesty
Cash Converters (ASX: CCV) pay one cent honestly
Consolidated Ops Gp communauté ASX: COG 4.8 cents full
Cochlear communauté ASX: COH 145 cents at 40 percent frankly
Countplus communauté ASX: CUP 2 years in full
Cleanaway Waste ASX: CWY communauté 2.45 cents no rating
Embelton ASX: EMB communauté 20 cents honestly
Genesis Energy ASX: GNE 8.9267 cents communauté no rating
Kelly Partners Group ASX: KPG communauté 1.5 cents in full
Lindsay Australia communauté ASX: LAU 1.8 cents without rating
Lycopodium ASX: LYL 36 cents communauté out in full honesty
Macmahon Holdings ASX communauté: MAH 0.35 cent, no rating
NRW Holdings communauté ASX: NWH 7 cents in full
Shine Constitution ASX: SHJ communauté 3.5 cents without a rating
Australian Réglé Group ASX: AFG
Avjennings (ASX: AVJ)
Aurizon Holdings ASX: AZJ
Prétendant (ASX: CGF)
Clinuvel Pharmaceuticals (ASX: CUV)
Deterra Equity (ASX: DRR)
Healius (ASX: HLS)
Hansen Technologies ASX: HSN
Ingenia Communities Group (ASX: INA)
Lynch Group Holdings (ASX: LGL)
Lendlease Group ASX: LLC
MA Financial Group (ASX: MAF)
Naos Ex-50 Opportunities Company (ASX: NAC)
Naos Small Cap Opportunities Company (ASX: NSC)
Sonic Healthcare (ASX: SHL)
SIV Finances (ASX: SIV)
Suncorp Group ASX: SUN
Telstra Ltd. (ASX: TLS)
TPC Consolidated (ASX: TPC)
Veem (ASX: VEE)
Eaux: Bloomberg, FactSet, IRESS, TradingView, UBS, Crédit Data, Trading Economics, CoinMarketCap.