Posted on 06/16/2022 3:20:53 AM PDT by John W
U.S. stock index futures were under pressure Thursday, putting the major averages to give up the solid gains made in the previous session.
Futures contracts tied to the Dow Jones Industrial Average dropped 1.9%, or 575 points. S&P 500 futures were down 2.3%, while Nasdaq 100 futures shed 2.8%. All three futures contracts had earlier been trading in positive territory.
Those moves come after the Federal Reserve implemented its largest interest rate hike since 1994 on Wednesday. The Fed raised rates by 75 basis points, as was widely anticipated.
“Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common,” Federal Reserve Chairman Jerome Powell said at a news conference following the decision.
Stocks took a leg higher Wednesday after Powell said that a 50 or 75 basis point increase “seems most likely” at the next meeting in July, indicating the central bank’s commitment to fighting inflation. Powell did caution, however, that decisions will be made “meeting by meeting.”
The major averages ended the session higher, with the Dow and S&P 500 both snapping five-day losing streaks. The 30-stock benchmark added about 304 points, or 1%, while the S&P 500 advanced 1.46%. The tech-heavy Nasdaq Composite was the relative outperformer, rising 2.5%.
However, market sentiment appeared to sour once again Thursday as other central banks around the globe adopted more aggressive policy stances.
(Excerpt) Read more at cnbc.com ...
Dimon’s Hurricane approaching!
Hey dummies, Wednesday was a head fake!
“Hey dummies, Wednesday was a head fake!”
Hopefully, the runup was the hedges trying to goad retail into buying so they could sell.
I think retail is on to the game.
Gonna break below 30K today!
Did already a big ago.
Trump needs to grab a microphone and yell about this. Remember when? He should ask.
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