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By Staff Reporters
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Domestic: The S&P 500 gave up an early gain and closed 0.7% lower after another choppy day of trading on Wall Street. The Dow Jones Industrial Average closed essentially flat and the NASDAQ composite fell 2%. The pullback came as the yield on the 10-year Treasury touched its highest level since the summer of 2019.
CITE: https://www.r2library.com/Resource/Title/082610254
World: European markets climbed, while stocks fell sharply in Hong Kong after the neighboring city of Shenzhen was ordered into a shutdown to combat China’s worst COVID-19 outbreak in two years.
Oil: Prices tumbled to take some pressure off the high inflation sweeping the world, with a barrel of U.S. crude falling toward $100 after touching $130 last week.
Microsoft: Closed at $276.44 in the latest trading session, marking a -1.3% move from the prior day. This change lagged the S&P 500’s 0.74% loss on the day. Heading into today, shares of the software maker had lost 5.07% over the past month, outpacing the Computer and Technology sector’s loss of 7.96% and lagging the S&P 500’s loss of 4.6% in that time.
FOMC: High inflation makes it a near certainty that the FOMC central bank will move to “tighten” its policies of printing money, by raising the target federal funds rate (the benchmark for short-term interest rates) by 0.25%. The uncertainty for Fed policy lies in how aggressive the central bank will move after the first interest rate increase. Concerns are building that the Fed may not be able to credibly bring inflation back down to its 2% level. Prices rose by 7.9% on a year-over-year basis in February, a 40-year high.
NOTE: Today is the Ides of March!
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Filed under: Alerts Sign-Up, Glossary Terms, Investing | Tagged: DJIA, European stocks, Federal Reserve Bank, FOMC, Hong Kong stocks, Ides March, microsoft, MSFT, NASDAQ, oil, Oil and the FOMC, S&P 500, tocks |
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