September 24, 2022


Brendan McDermid | Reuters

U.S. stock futures fell on Wednesday night after a volatile session in the major averages as traders braced for another big rate hike by the Federal Reserve.

Dow Jones Industrial Average futures fell 46 points, or 0.15%. S&P 500 and Nasdaq 100 futures fell 0.3% and 0.44%, respectively.

During Wednesday’s regular session, the Dow Jones Industrial Average fell 522 points, or 1.70%, despite jumping more than 300 points earlier in the day. The S&P 500 lost 1.71%, and the Nasdaq Composite lost 1.79%.

The Federal Reserve went through its third consecutive increase of 0.75 percentage points. Policymakers have vowed to continue raising rates by as much as 4.6% in 2023 before stepping back in the fight against inflation, fueling fears on Wall Street that the economy could be headed for recession.

The central bank expects to raise its year-end rate to 4.4% in 2022, continuing its aggressive action against rising prices until the end of the year.

“I think they should slow down,” DoubleLine Capital CEO Jeffrey Gundlach said Wednesday on CNBC’s “Closing Bell: Overtime.” “Monetary policy has lags that are long and variable, but we have been tightening for some time now,” he added, noting that the impact of the tightening could lead to a recession.

On the economic front, the latest weekly jobless claims data is expected at 8:30 a.m. ET on Thursday.



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