Friday, September 22, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Europe & Middle East

Fed update weighs down Wall Street, adds fuel to the dollar

MtR by MtR
June 18, 2021
in Europe & Middle East
0
Fed update weighs down Wall Street, adds fuel to the dollar


  • Major U.S. indices end week sharply lower
  • U.S. dollar sets best weekly gain in over a year
  • Oil futures post fourth week of gains

LONDON, June 18 (Reuters) – All three main indices on Wall Street dropped Friday with investors wary of a more hawkish stance from the U.S. Federal Reserve, while the dollar posted the strongest gains in over a year and oil prices continued a steady climb.

After starting the week near record highs, U.S. stocks have steadily dropped since Fed officials projected Wednesday that interest rates may rise sooner than previously expected.

The Dow Jones Industrial Average (.DJI) fell 533.37 points, or 1.58%, marking the worst week for the blue-chip index since January. The S&P 500 (.SPX) lost 55.41 points, or 1.31%, and the Nasdaq Composite (.IXIC) dropped 130.97 points, or 0.92%. read more

The MSCI world equity index (.MIWD00000PUS), which tracks shares in 45 nations, fell 8.87 points or 1.24%.

Stocks were trending downward after the Wednesday policy update from the Fed, but that decline became sharper after Friday morning comments from St. Louis Fed President James Bullard, who said he thought the Fed could raise rates as soon as next year.

Those comments were offset somewhat later in the day by Minneapolis Federal Reserve President Neel Kashkari, who said he didn’t see interest rate hikes until 2024. read more

The Fed maintained it planned to keep up unprecedented monetary support until the jobs market had fully recovered, and that any acceleration of a stimulus exit is due to the strong gains expected from the U.S. economy coming out of the pandemic.

But the prospect of earlier interest rate hikes helped nudge investors away from a stock market that had been near record highs at the start of the week.

“I’m not surprised to see the market sell off a little bit. I’m never surprised, given the strong run we’ve had for such a long period of time, when you see some periods of profit-taking,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

The Fed stance provided fuel to the U.S. dollar, as the dollar index , which tracks the greenback against six major currencies, jumped 0.43% on Friday to 92.314, its highest price since mid-April. The index is on pace for its strongest weekly gain in roughly 14 months, as investors seek some safety in the dollar from other currencies after a light surprise from the Fed. read more

Oil shook off earlier losses to add to its recent gains following reports OPEC expected limited U.S. oil output growth this year.

Brent crude futures rose 43 cents, or 0.6%, to settle at $73.51 a barrel. U.S. West Texas Intermediate (WTI) crude rose 60 cents, or 0.8%, to $71.64 a barrel. Both benchmarks were headed for a weekly gain of about 1.1%. read more

“Despite a complete return to pre-pandemic life in the US, energy companies are cautious over keeping their balance sheets in order and will remain disciplined over making commitments over new wells,” wrote Edward Moya, senior market analyst at OANDA. “The oil market does not have to worry about oversupply concerns anytime soon and that is keeping crude prices supported despite a broad selloff with commodities.”

Long-dated U.S. Treasury yields fell Friday as the bond market absorbed the Fed news, with the yield curve flattening on the bet the Fed will move more quickly to tackle persistent inflation pressures. The benchmark 10-year notes were last at 1.445%.

The Fed took its toll on safe-haven gold this week. Spot gold was down 0.61% to $1,762.63 per ounce, with prices down roughly 5.7% on the week. U.S. gold futures settled 0.3% down at $1,769 an ounce.

Additional reporting by Thyagaraju Adinarayan, Andrew Galbraith and Tom Westbrook Editing by Alexander Smith and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.



Source link

Related articles

Peanut Butter Market Size and Huge Growth Rate Analysis

Peanut Butter Market Size and Huge Growth Rate Analysis

September 22, 2023
Fact sheet: EU-UK rules of origin – ACEA

Fact sheet: EU-UK rules of origin – ACEA

September 22, 2023

Related Posts

Peanut Butter Market Size and Huge Growth Rate Analysis

Peanut Butter Market Size and Huge Growth Rate Analysis

by MtR
September 22, 2023
0

Pune, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Global Peanut Butter Market Research Report Analysis and Outlook Insights | Latest Updated Report | 94...

Fact sheet: EU-UK rules of origin – ACEA

Fact sheet: EU-UK rules of origin – ACEA

by MtR
September 22, 2023
0

The UK is the EU’s number one market for vehicle exports by volume, including EU-made battery-electric vehicles. The EU is...

[Latest] Global 3D Printed Medical Implant Market

[Latest] Global 3D Printed Medical Implant Market

by MtR
September 22, 2023
0

Austin, TX, USA, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “3D...

Stocks fall, yields rise as central banks rattle markets

Stocks fall, yields rise as central banks rattle markets

by MtR
September 21, 2023
0

World stocks on longest losing streak since MarchBond yields rise as Fed signals another hike possibleSwiss franc, sterling tumble after...

Global Rotating Equipment Repair Market Projected to Exceed

Global Rotating Equipment Repair Market Projected to Exceed

by MtR
September 21, 2023
0

New York, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global rotating equipment repair market is expected to grow from USD...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Impact of Canada’s wildfires: Home insurance hikes a given

Impact of Canada’s wildfires: Home insurance hikes a given

September 22, 2023
Stocks to Watch Friday: Alibaba, Activision, Microsoft – The Wall Street Journal

Stocks to Watch Friday: Alibaba, Activision, Microsoft – The Wall Street Journal

September 22, 2023
Japanese Short-Term Bonds Gain Popularity Amid Uncertainty Over Long-Term Rates By Investing.com

Japanese Short-Term Bonds Gain Popularity Amid Uncertainty Over Long-Term Rates By Investing.com

September 22, 2023
European Telecom Industry Gets Mixed Signals From Investors — Talking Markets

European Telecom Industry Gets Mixed Signals From Investors — Talking Markets

September 22, 2023

Recent News

Impact of Canada’s wildfires: Home insurance hikes a given

Impact of Canada’s wildfires: Home insurance hikes a given

September 22, 2023
Stocks to Watch Friday: Alibaba, Activision, Microsoft – The Wall Street Journal

Stocks to Watch Friday: Alibaba, Activision, Microsoft – The Wall Street Journal

September 22, 2023
Japanese Short-Term Bonds Gain Popularity Amid Uncertainty Over Long-Term Rates By Investing.com

Japanese Short-Term Bonds Gain Popularity Amid Uncertainty Over Long-Term Rates By Investing.com

September 22, 2023

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter