The tech-heavy Nasdaq slumped nearly 13.3% last month, its worst monthly performance since October 2008 as richly valued high growth stocks came under pressure from rising rates.Īt 10.21am ET, the Dow Jones Industrial Average was down 10.24 points, or 0.03%, at 33,051.26, the S&P 500 was up 5.57 points, or 0.13%, at 4,160.95, and the Nasdaq Composite was down 21.59 points, or 0.17%, at 12,514.43.Ī slew of glum quarterly reports also weighed on sentiment. Uncertainty around Fed’s policy move, mixed earnings from some Big Tech companies, the conflict in Ukraine and pandemic-related lockdowns in China hammered Wall Street in April. The Fed is in a position where they’re behind on inflation, so if things don’t start to slow down they will have to move more aggressively,” said Randy Hare, director of equity research at Huntington National Bank. “The outlook may be more important than what they do. Focus is squarely on Fed Chair Jerome Powell’s press conference on Wednesday for comments on the future path of interest rates and balance sheet reduction. The US central bank kicks off its two-day policy meeting on Tuesday, with traders seeing a 93.9% chance of a 50 basis points hike.
Seven of the 11 major S&P sectors advanced in early trading with the financial and energy sectors up 0.8% and 1.5%, respectively.Īpple Inc, Meta Platforms, Microsoft Corp and Nvidia Corp fell between 0.3% and 0.4%, weighing on the S&P 500 and the Nasdaq indexes.
(May 3): US stock indexes were mixed on Tuesday as financial shares rose and megacap growth stocks slid, with investors bracing for a big interest rate hike by the Federal Reserve this week to tame surging prices.
0 kommentar(er)
