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By Staff Reporters
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| U.S. equities extended yesterday’s sharp drop that followed the Federal Reserve’s fourth-straight 75-basis point rate hike and some hawkish comments. As a result of the Fed’s monetary policy decision, Treasury yields and the U.S. dollar climbed noticeably higher. The Fed’s rate hike was trailed by today’s announcement from the Bank of England to hike its benchmark interest rate by 75 bps, though it tried to suppress expectations of future aggressiveness of that magnitude. The U.S. dollar’s rally came as the British pound fell, along with the euro, as the markets digested the monetary policy actions and comments. Crude oil prices fell, and gold traded lower. In economic news, jobless claims dipped, the trade balance widened more than expected, Q3 productivity rebounded less than fore-casted and labor costs moderated more than projected. Additionally, factory orders figures were mixed, along with October reads on services sector output. Earnings season continues to roll on, with Qualcomm cutting its guidance, though eBay topped estimates and issued a positive outlook. Moreover, Booking Holdings topped expectations and Marriott decreased despite exceeding profit projections. Asian stocks declined, though markets in Japan were closed for a holiday, and European stocks were mostly lower as the markets digested the decisions from the Fed and Bank of England. |
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Filed under: Alerts Sign-Up, Alternative Investments, Investing, Taxation | Tagged: Federal Reserve, FOMC, inflation, stocks, Stocks Ended Lower Following Yesterday’s Fed Decision, Stocks Lower |
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