Stock Markets

U.S. stock market indices fell by 1.5-1.7%

Published

1 year ago

October 3, 2022

The U.S. stock market finished Friday’s trading with a fall. At the same time U.S. stock market indices declined also on the results of September and the whole third quarter.

Investors remain concerned about high inflation and attempts by the Federal Reserve (Fed) and other central banks to contain price pressures by aggressively raising interest rates. At the same time, the U.S. stock index fund on Friday was under the influence of rebalancing investor portfolios on the final day of the third quarter. Also, the market was assessing fresh statistical data that indicates the “health” of the U.S. economy.

U.S. household spending rose 0.4 percent in August compared with the previous month, according to a report from the nation’s Commerce Department. Experts polled by Bloomberg news agency forecast an average increase of 0.2%. Americans’ incomes rose 0.3 percent, as expected. Consumer spending accounts for about 70% of the U.S. economy.

The statistics also showed an increase in the rate of core inflation in the country, which speaks in favor of further tightening of monetary policy by the Federal Reserve. The PCE Core Consumer Price Index, which excludes food and energy costs, rose 4.9% year on year in August after rising 4.7% the month before.

Against this backdrop, Fed Vice Chair Leil Brainard’s statement about the need for continued efforts to fight inflation until final goals are reached sends a clear signal to U.S. stock market indices to continue the policy of raising rates.

“Monetary policy needs to be tight for some time to make sure inflation is moving toward the target level,” Brainard was quoted as saying by CNBC. – So we don’t intend to stop (raising rates) prematurely.”

The U.S. consumer confidence index rose to 58.6 points in September from 58.2 points a month earlier. Final data from the University of Michigan, which calculates the index, showed that. Preliminary data had suggested the index had risen to 59.5 points this month, and analysts surveyed by Trading Economics did not expect a revision.

The Dow Jones U.S. index fell 500.1 points (1.71%) to 28725.51 points in late trading.
Standard & Poor’s 500 lost 54.85 points (1.51%) to 3,585.62 points.
The Nasdaq Composite fell 161.89 points (1.51 per cent) to 1,575.62.

All three U.S. stock indices recorded their biggest decline since 2002, from January to September.

Earlier, we reported that Asian stock markets were trading mixed.

Stock Markets

Crypto Markets Rally: Bitcoin and Ethereum Lead the Charge, Coinbase and Marathon Digital Shares Rise

Published

11 hours ago

October 3, 2023

Crypto Markets Rally: Bitcoin and Ethereum Lead the Charge, Coinbase and Marathon Digital Shares Rise

The major players in the cryptocurrency market, and , saw significant gains on Monday, with Bitcoin surging to $28,569.40 and Ethereum rallying to $1,727.98. Other cryptocurrencies including , which reached $24.01, and , which rallied to 27 cents, also experienced notable increases.

In the wake of this crypto rally, stocks related to the sector also saw substantial movements. Coinbase (NASDAQ:) Global Inc.’s shares rose to $78.46 and Marathon Digital Holdings Inc.’s shares jumped to $9.62 on Monday. Meanwhile, the Bitwise Crypto Industry Innovators ETF increased to $7.03 and the Grayscale Bitcoin Trust rallied to $20.12.

However, not all companies in the crypto-related sector experienced gains. Overstock.com (NASDAQ:)’s shares dropped to $15.50 and Tesla (NASDAQ:) Inc., which has previously invested heavily in Bitcoin, saw its shares decrease to $247.66.

In addition to the market leaders Bitcoin and Ethereum, other cryptocurrencies like , , , , and Polygon also moved notably on Monday. NVIDIA Corp (NASDAQ:)., a leading graphics processing unit (GPU) manufacturer that is widely used in cryptocurrency mining operations, also benefited from this uptick in the crypto market with its shares climbing to $447.66.

Overall, Monday marked a significant day for cryptocurrency markets as well as for companies involved in the sector. The reasons behind these movements are varied and complex, reflecting the multifaceted nature of this rapidly evolving industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Stock Markets

Fed’s Powell: Economy still working through the impact of the pandemic

Published

11 hours ago

October 3, 2023

Fed's Powell: Economy still working through the impact of the pandemic

By Howard Schneider

YORK, Pa. (Reuters) – The U.S. economy is still dealing with the aftermath of the COVID-19 pandemic, Federal Reserve chair Jerome Powell said during a meeting with community and business leaders in York, Pennsylvania.

“We are still coming through the other side of the pandemic,” Powell said, noting labor shortages in healthcare, ongoing difficulties with access to child care, and other issues heightened by the health crisis. He did not comment on current monetary policy or the economic outlook in brief opening remarks.

Stock Markets

Indian Equity Markets End September on a High Note

Published

3 days ago

September 30, 2023

Indian Equity Markets End September on a High Note

Indian equity markets concluded the month of September on a positive note, with significant gains recorded on Friday. The rose by 320.09 points to close at 65,828.41, while the NSE’s Nifty50 advanced by 114.75 points to settle at 19,638.30. The BSE midcap index also registered gains, reflecting an overall uptick in the market.

These gains were primarily driven by positive global cues and investments in the metal, oil & gas, and power sectors. However, the IT sector showed signs of underperformance as indicated by the Nifty IT index.

Market analysts Amol Athawale and Vinod Nair offered insights into market trends and challenges. They noted encouraging GDP data from Britain that further reinforced market optimism.

In broader markets, Authum Investment & Infrastructure hit an upper circuit of 20 percent. Yet, not all stocks performed well; Shreyas Shipping and Finolex Cables underperformed on Friday.

Among other stocks, Apollo Hospital Enterprises and Sun Pharmaceuticals saw gains while Tata Consultancy Services (NS:) lagged behind. The volatility index, India , also saw a considerable drop, indicating a decrease in investor fear or uncertainty about future market movements.

This positive performance of the Indian equity markets comes even as they face challenges including the underperformance of certain sectors such as IT. Investors will likely continue to monitor these developments closely as they navigate their investment strategies for October.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.