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☆ The stock market's sell-off is over and the Fed gave 5 bullish signs to investors at its latest meeting, Fundstrat's Tom Lee says
▼ + stars: | 2024-05-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The sell-off that battered stocks in April probably won't stretch into May, according to Fundstrat's Tom Lee. AdvertisementThe stock market's sell-off could be over, and five bullish signals the Fed gave at its latest policy meeting are setting the stage for gains in May, according to Fundstrat's head of research Tom Lee. Investors are now pricing in a 69% chance the Fed could rate rates once or twice by the end of the year, according to the CME FedWatch tool. Stock investors have already perked up on a brighter outlook for Fed rate cuts this year. Stocks reacted positively to the Wednesday Fed meeting.

Persons: Tom Lee, Lee, —, Powell, presser, Stocks Organizations: Service, Markets, Fed, stagflation, Investors

☆ Stock market today: US stocks fall ahead of Fed decision
▼ + stars: | 2024-05-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Markets are widely expecting the Fed to keep interest rates unchanged. The outlook for rate cuts this year continues to sour, with traders pricing in just one or two cuts by December. AdvertisementUS stocks were mostly lower on Wednesday as traders waited for the Federal Reserve to announce its next move on interest rates. Investors have also dialed back their outlook for rate cuts throughout the year. At Wednesday's meeting, market watchers expect Powell to formally confirm this shift from the FOMC, which had previously forecast three rate cuts this year," Alex Kuptsikevich, a senior market analyst at FxPro said in a note.

Persons: Stocks, —, Richard Flynn, Charles Schwab, Powell, Alex Kuptsikevich, FxPro Organizations: Service, Federal Reserve, Open Markets, Traders

☆ Asian stocks waver, yen wobbles as BOJ takes centre stage
▼ + stars: | 2023-10-31 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Passersby walk past an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar outside a brokerage in Tokyo, Japan October 4, 2023. On Tuesday, the 10-year JGB yield jumped 6.5 basis points to 0.955%, its highest since May. "Markets seem to assume that the ceiling will be lifted by another 50 basis points, but I think the possibility of another doubling (i.e. The dollar index , which measures U.S. currency against six rivals, rose 0.104%. The yield on 10-year Treasury notes was up 1.1 basis points to 4.888%, while the yield on the 30-year Treasury bond was up 0.7 basis points to 5.042%.

Persons: Issei Kato, Nicholas Chia, Chia, Sterling, Hong, HSI, Jerome Powell, Gary Dugan, Brent, Ankur Banerjee, Lincoln Organizations: U.S, REUTERS, Rights, Bank of, Nikkei, Standard Chartered, Japan's Nikkei, U.S . Federal Reserve, Bank of England, BOJ, Federal Open Markets, Dalma, Federal Reserve, Treasury Department, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, Shanghai, U.S, Singapore

That shift in legal doctrine was profound, shaping how courts have applied antitrust law ever since. Khan’s ideas have challenged the closest thing to a sacred cow in antitrust law. The most ambitious of those never became law, but Khan’s role in the probe, which Cicilline described as “critical,” helped further raise her profile. Amazon and Meta have both pushed for Khan to recuse herself from matters involving the companies, questioning her objectivity. The US Federal Trade Commission sued Amazon.com Inc. in a long-anticipated antitrust case, accusing the e-commerce giant of monopolizing online marketplace services by degrading quality for shoppers and overcharging sellers.

Persons: Lina Khan, Khan, Stephanie Keith, ” Khan, “, Joe Biden, ”, William Kovacic, George W, Bush, Barry Lynn, Lynn, New America Foundation —, Obama, —, ” Lina Khan, Rong Xu, ” Lynn, it’s, ’ ”, Reagan, Robert Hockett, Khan’s, David Cicilline, Lina, ” Cicilline, Cicilline, Justin Tallis, Biden, Trump, Douglas Farrar, Gary Gensler, Tom Williams, Jonathan Kanter, Roe, Wade, Kevin Kiley, Meta, she’s, “ We’ve, they’re, Federal Trade Commission Lina Khan, Al Drago, Kathleen Bradish, Bradish, Christine Wilson, Wilson, Noah Phillips, Gabby Jones, NetChoice, Carl Szabo, “ It’s, ” Szabo, There’s, ” Kovacic Organizations: CNN, Federal Trade Commission, Amazon, FTC, Big, Microsoft, Meta, Bloomberg, Getty, Republican, White House, Williams College, New America Foundation, Washington Monthly, Yale Law, Washington Post, Cornell Law School, Big Tech, Rhode, Rhode Island Democratic, Apple, Facebook, Cambridge, Activision, SEC, Financial Services, General Government, Securities and Exchange Commission, Capitol, Justice Department, Epic Games, California Republican, Washington , D.C, American Antitrust Institute, GOP, US Federal Trade Commission, Amazon.com Inc Locations: Big Tech, Robbinsville , New Jersey, Washington, Larchmont , New York, Rhode Island, Washington ,, New York

Plus, it will be “productive for the gaming industry as a whole and healthy for competition in the gaming market,” he said. In the meantime, the U.K. regulator was the last major obstacle to the transaction going through. British regulators had initially blocked the transaction over concerns Microsoft could withhold Activision titles from the cloud gaming market. One factor was the EU’s approval, granted after Microsoft promised to automatically license Activision titles royalty-free to cloud gaming platforms. But the CMA's flip-flopping makes the U.K. regulator look “weak and indecisive,” he said.

Persons: Activision Blizzard, Candy, Overwatch —, Brad Smith, Bobby Kotick, Joshua Chapman, ”, Sarah Cardell, Max von Thun, ” von Thun, Matt O’Brien Organizations: —, Activision, Markets, Microsoft, Xbox, Union, Sony, U.S . Federal Trade Commission, FTC, Ubisoft Entertainment, U.K, PlayStation, European Commission, Open Markets, CMA, AP Locations: Konvoy, U.K, Europe, Providence , Rhode Island

If the Fed's holdings of long-dated securities were shrinking like other parts of the curve, or even at all, more of these bonds would be available to the wider market. Wang recognizes that if the Fed held fewer longer-dated securities these yields might be even higher, but also points out that the Fed's holdings are largely determined by what Treasury issues. All told, the Fed's 'QT 2' is almost twice the pace of QT 1. Reuters Image Acquire Licensing RightsSince the Fed started QT 2, its total holdings of Treasury bills and bonds have fallen to $4.93 trillion from $5.77 trillion. The average profile of Fed-held Treasury debt is longer than total outstanding Treasury debt, and getting longer.

Persons: Sukree, Benson Durham, Piper Sandler, Joseph Wang, Wang, Pierre, Olivier Gourinchas, Neel Kashkari, Jamie McGeever, Andrea Ricci Organizations: Rights, Fed, Treasury, Reuters, Monetary, Minneapolis, Thomson Locations: Kasikornbank, Bangkok, Rights ORLANDO , Florida, Durham

☆ EU leaders to debate economic security amid global tensions
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. The EU executive plans to work with the 27 EU members to assess by the end of the year whether there are any risks to the bloc's economic security linked to advanced semiconductors, artificial intelligence, quantum technology and biotechnology. It is part of the European Economic Security Strategy unveiled by the Commission in June that calls for strengthening the EU's own internal market, fostering research, forging alliances with reliable partner and using existing trade defence tools and considering new ones. Part of the debate will centre on the degree to which countries are willing to harmonise their policies on national security and transfer certain powers to Brussels. Countries such as Sweden and the Netherlands want more open markets, while others such as France has more focus on protecting domestic producers.

Persons: Jon Nazca, Charles Michel, Russia's, Philip Blenkinsop, Andrew Heavens Organizations: REUTERS, Rights, Union, Commission, EU, European Economic Security, Thomson Locations: Granada, Spain, Rights GRANADA, China, Ukraine, Europe, Brussels, Sweden, Netherlands, France

HARARE, Zimbabwe (AP) — Zimbabwe has recorded 100 suspected deaths from cholera and more than 5,000 possible cases since late last month, prompting the government to impose restrictions to stop the spread of the disease, including limiting numbers at funerals and stopping some social gatherings in affected areas. The health ministry announced the death toll late Wednesday and said 30 of the deaths had been confirmed as from cholera through laboratory tests. Political Cartoons View All 1199 ImagesZimbabwe has often imposed restrictions during its repeated outbreaks of cholera. In southern Africa, Zimbabwe, Malawi, South Africa and Mozambique have all had recent cholera outbreaks. More than 4,000 people died in Zimbabwe's worst cholera outbreak in 2008.

Organizations: —, World Health Organization, ___ AP Locations: HARARE, Zimbabwe, — Zimbabwe, Masvingo, Harare, Africa, Malawi, South Africa, Mozambique, Malawi's, ___, africa

KARACHI, Pakistan, Sept 28 (Reuters) - Pakistan's rupee has gained 6.1% against the dollar so far in September, following an official clampdown on illegal foreign exchange trade in grey and black markets by security agencies. September's gains have almost made up for all of the rupee's losses in August and technically make it the best-perfoming currency in the world this month. The Pakistani rupee closed 0.3% up in the interbank market at 287.8 per dollar on Thursday. The crackdown on black market operators against the informal market resulted in tens of millions of dollars pouring back into Pakistan's interbank and open markets, dealers said. "The rupee has indeed performed well but this data does not reflect the sharp depreciation preceding this performance.

Persons: Fahad Rauf, Ismail Iqbal, Rauf, Ariba Shahid, Jane Merriman, Sharon Singleton, Hugh Lawson Organizations: Finance Ministry, Research, Ismail, Ismail Iqbal Securities, International Monetary Fund, Thomson Locations: KARACHI, Pakistan, Karachi

☆ What the Fed’s September Rate Decision Means for You
▼ + stars: | 2023-09-20 | by ( Steve Garmhausen | ) www.wsj.com time to read: +5 min

By Steve GarmhausenThe Federal Reserve elected on Wednesday to keep interest rates steady, and that’s good news for savers: It means they’ll continue to enjoy the best rates in more than two decades. There’s more good news: The market, which just a few weeks ago expected rate cuts to start early in 2024, now doesn’t expect cuts until midyear. “There are several options to get at least 5% on your liquid cash, and that should stay around until the Fed cuts rates,” says DepositAccounts.com founder Ken Tumin. Meanwhile, inflation remains well above the Fed’s preferred rate of 2%, providing another reason for it to keep rates high. The fed-funds rate is the interest rate at which banks lend reserve balances to each other overnight.

Persons: Steve Garmhausen, ”, Ken Tumin, “, Michael Yoshikami, Banks, don’t Organizations: Federal Reserve, —, Fed, BMO Alto, Federal Deposit Insurance Corp Locations: Walnut Creek, Calif

☆ U.S. stocks close lower as investors take cover ahead of Fed decision
▼ + stars: | 2023-09-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three indexes ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday, which is expected to culminate in a decision to leave key interest rates unchanged. The Fed is also due to release its Summary Economic Projections, including its dot plot, which should provide a glimpse into the Federal Open Markets Committee's forecast trajectory of interest rates, inflation and economic growth. On the economic front, a jump in Canada's annual inflation rate due to rising gasoline prices, and a bigger-than-expected plunge in U.S. housing starts helped feed investor uncertainty. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Starbucks (SBUX.O) lost ground following TD Cowen's decision to downgrade the coffee chain's shares to "underperform."

Persons: Bill Northey, Helena Montana, Northey, Michael Green, Brendan McDermid, Walt Disney, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: Disney, Dow, Nasdaq, U.S . Federal Reserve, Federal Reserve, U.S, Bank Wealth Management, Federal, Management, Fed, Maplebear Inc, chipmaker, Holdings, New York Stock Exchange, REUTERS, Arm Holdings, Dow Jones, Starbucks, General Motors, Ford Motor, United Auto Workers, NYSE, Thomson Locations: Helena, Philadelphia, New York City, U.S, Bengaluru

☆ Here are 6 key economic signals for markets to follow as the Fed gets ready to make its next policy move
▼ + stars: | 2023-09-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

There are six key economic indicators for markets to gauge the health of the US economy. The US is likely headed for a mild recession, according to one chief investment officer. Markets are currently pricing in a 99% chance the Fed will choose to keep interest rates unchanged, according to the CME FedWatch tool. Small business optimism is waningSmall business optimism slumped over the past month to 91.3, down 0.6 points from July's reading. But real wages of Americans have actually fallen 0.5% over the past month, according to the Bureau of Labor Statistics, which could spell trouble for the US consumer.

Persons: Brent Schutte, Schutte Organizations: Service, Federal Reserve, Fed, Northwestern Mutual Wealth Management, Cleveland Fed, Bureau of Labor Statistics, San Francisco Fed, University of Michigan's Locations: Wall, Silicon

☆ Wall Street moves sideways as investors look to Fed
▼ + stars: | 2023-09-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Financial markets have currently baked in a 99% certainty that the Fed will hold the key rate at 5.25%-5.00% on Wednesday. British chipmaker Arm Holdings slid 4.5% after Bernstein initiated coverage with an "underperform" rating just days after its stellar debut. Declining issues outnumbered advancing ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.74-to-1 ratio favored decliners. The S&P 500 posted 6 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 247 new lows.

Persons: Brendan McDermid, Bernstein, Jerome, Powell, Peter Tuz, Janet Yellen, Sam Stovall, Stovall, Piper, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Holdings, Dow, Nasdaq, U.S, U.S . Federal, Chase Investment, Markets, CFRA Research, Dow Jones, Energy, Tesla Inc, Corp, Arm Holdings, Paypal Holdings, NYSE, Thomson Locations: New York City, U.S, U.S ., Charlottesville , Virginia, New York, Bengaluru

☆ Authors and Booksellers Urge Justice Dept. to Investigate Amazon
▼ + stars: | 2023-08-16 | by ( Alexandra Alter | More About Alexandra Alter | ) www.nytimes.com time to read: +2 min

appears to be closing in on its decision to bring an antitrust case against Amazon. Amazon representatives are expected to meet this week with members of the commission to discuss the possible suit, a sign that legal action may be imminent. Even as books have become a smaller slice of the company, Amazon has become an overwhelming force in the book market. It accounts for at least 40 percent of physical books sold in the U.S., and more than 80 percent of e-books sold, according to an analysis released by WordsRated, a research data and analytics group. With its purchase of Audible in 2008, Amazon has also become one of the largest audiobook producers and retailers.

Persons: Lina Khan, Jonathan Kanter, It’s, Mayer, WordsRated, beholden Organizations: Federal Trade Commission, Department’s Antitrust, Amazon, Metro, Goldwyn, Markets Institute Locations: U.S, United States

☆ China opposes UK's 'discriminatory actions' against China-linked deals
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING/LONDON, July 12 (Reuters) - China firmly opposes what it called the British government's "discriminatory actions" against Chinese firms, the country's embassy in the UK said after London intervened in Chinese-linked takeovers eight times in the last year. The British government said in a report that it had blocked or imposed conditions on eight transactions involving China-linked investment in domestic companies under its National Security and Investment Act in the last year. "We strongly urge the British side to stop its unreasonable suppression of Chinese enterprises and provide a fair, just and non-discriminatory business environment for them," the Chinese embassy in London said on Wednesday. In November Britain ordered Chinese-owned technology company Nexperia to sell at least 86% of Britain's biggest microchip factory, Newport Wafer Fab, following a national security assessment under the law. Britain is attempting something of a reset of relations with China, working together on areas of agreement while balancing national security concerns.

Persons: Ella Cao, Ethan Wang, Bernard Orr, Alistair Smout, Andrew MacAskill, Kate Holton Organizations: London, National Security and Investment, Thomson Locations: BEIJING, LONDON, China, London, Britain, Newport, Beijing

☆ The Decision in 303 Creative Deals a Blow to Anti-Discrimination Law - The New York Times
▼ + stars: | 2023-06-30 | by ( Lily Moore-Eissenberg | ) www.nytimes.com time to read: +3 min

I now see that my family’s experience with the Twelve Tribes was part of a larger social problem that anti-discrimination laws have long sought to address: the problem of public discrimination perpetrated by private actors. Still, my family’s experience of discrimination helped me understand why anti-discrimination laws for businesses are so important. Public accommodations laws have been on the books since the 19th century; in the 20th century, they served as shields against racial segregation. Public accommodations laws will most likely face more speech-based challenges. We shouldn’t underestimate the symbolic power of contesting discrimination in public accommodations.

Persons: Laws, “ Organizations: Colorado Anti, Colorado Civil Rights Commission, Creative Locations: Colorado

☆ European markets open higher with central bank comments in focus
▼ + stars: | 2023-06-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

It ended Monday's session down by 0.1%, in what was its sixth straight negative session. European markets opened higher this Tuesday morning as investors monitored comments from central bankers at the ECB Forum in Sintra. Premier Li Qiang said during a speech that Beijing would be putting forward more effective policies to expand domestic demand and open markets. Meanwhile, U.S. futures also pointed to higher open ahead of homes sales, durable goods and consumer confidence data. It comes after U.S. stocks ended Monday's session in the red, with the Dow , S&P 500 and Nasdaq — the three major indices — all down.

Persons: bourses, Premier Li Qiang, Tesla Organizations: ECB, Dow, Nasdaq, Tech, Nvidia Locations: Sintra ., Asia, China, Premier, Beijing

☆ China's growth to be higher in Q2, projected to hit annual 5% target - Premier Li
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

TIANJIN, China, June 27 (Reuters) - China's economic growth in the second quarter will be higher than the first and was projected to reach the annual economic growth target of around 5%, China's Premier Li Qiang told delegates at the World Economic Forum in Tianjin on Tuesday. However, analysts are now downgrading their economic growth forecasts for China for the rest of the year. The pandemic is unlikely to be the last public health crisis the world faces, Li said, adding that it will be over and visible and invisible barriers will disappear. The trend of globalisation remains intact despite some setbacks, said the Chinese premier, reiterating a key theme of his since taking up his post that China remains open for business and welcomes foreign investors. Reporting by Kevin Yao; Writing by Joe Cash; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Li, Kevin Yao, Joe Cash, Michael Perry Organizations: China's, Economic, Thomson Locations: TIANJIN, China, Tianjin, Beijing

☆ FTC's Lina Khan presses ahead with sprawling antitrust plans in the face of GOP opposition
▼ + stars: | 2023-05-31 | by ( Chelsey Cox | ) www.cnbc.com time to read: +10 min

As she made history in leading the agency, Khan's sprawling oversight plans and focus on fair competition in markets drew pushback from GOP leaders who denounced them as "politicized." The backlash to Khan's antitrust platform has come from across the Republican caucuses in Congress — even as many GOP lawmakers have backed antitrust policies or slammed Big Tech companies. watch nowKhan has defended her positions, telling CNBC on May 10 that the FTC enforces antitrust laws passed by Congress. Jordan and other GOP House members have criticized the plan as a "power grab." But an FTC spokesperson said Khan's agency has jurisdiction over all fees except banking and airlines.

Persons: Lina M, Khan, Graeme Jennings, Lina Khan, Pete Buttigieg's, Rohit Chopra, Christine Wilson, Noah Joshua Phillips, Joe Biden's, Matt Stoller, Stoller, Lina, Republican Sens, Chuck Grassley, Mike Lee, Ken Buck, Jim Jordan, Grassley, David Cicilline, Sen, Amy Klobuchar, Elon Musk, Musk, Jordan, Jon Schweppe, Jordan tweeting, they're, Mo Cayer, Khan . Jordan, noncompetes, Trump, Wilson, Leslie Overton, Harkrider, Biden Organizations: Commerce, Science, Capitol, AFP, Getty Images, Biden, Federal Trade, Southwest Airlines, Republicans, Consumer Financial Protection, FTC, Yale University Law School, Washington , D.C, New Yorker, Columbia Law School, American Economic Liberties, Big Tech, Republican, GOP, CNBC, Congress, Rhode Island's, Committee, Twitter, GOP House, Elon, The New York Times, Times, University of New, Democratic, Junk Locations: Washington , DC, London, Washington ,, New, Iowa, Utah, Colorado, Ohio, House, Minnesota, University of New Haven, Connecticut, Khan ., Axinn

☆ How a shockingly resilient jobs market saved the US from a recession
▼ + stars: | 2023-05-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Several measures from Friday's jobs report show the labor market is stronger than it's been in decades. But Terrazas pointed to potential concerns in the labor market and for interest rates. "If it's the former, it's just a matter of time before gravity catches up with the labor market," Terrazas said. Overall though, the different robust labor market data suggests the US could maybe avoid a recession as has been the case so far in 2023. Despite potential risks in the job market, Pollak believes there's a possibility that the US continues to avoid a recession.

☆ Regional bank stocks edge higher after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares rose 6.5% in early afternoon trading after tumbling 28% to close at their lowest level on record on Tuesday. Western Alliance Bank (WAL.N) advanced 4.2%, while Comerica (CMA.N) and Valley National Bankcorp (VLY.O) added nearly 1% and more than 2%, respectively. The KBW Regional Banking Index (.KRX) rose 2% after closing at its lowest level since December 2020 on Tuesday. The plunge in regional bank stocks came after U.S. regulators seized First Republic Bank and sold off its assets to JPMorgan Chase & Co (JPM.N) for $10.6 billion. The bank selloff indicates investor unease over their outlook following the First Republic deal, Brown Brothers Harriman analysts wrote in a note.

☆ Wall Street closes lower after Fed minutes, inflation data
▼ + stars: | 2023-04-12 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The minutes followed a cooler-than-expected inflation report which belied stickier underlying data and cemented the likelihood of another policy rate hike when the Fed convenes next month. REUTERS/Brendan McDermid"(Economic) data has been very mixed so investors are overacting to any positive or negative hint of Fed rate hike policy. Analysts now expect aggregate first-quarter S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth seen at the beginning of the quarter. Among the 11 major sectors of the S&P 500, seven ended in negative territory, with consumer discretionary (.SPLRCD) suffering the largest percentage loss. The S&P 500 posted 12 new 52-week highs and two new lows; the Nasdaq Composite recorded 64 new highs and 187 new lows.

☆ CNBC Daily Open: Powell flipped the script
▼ + stars: | 2023-03-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, chairman of the US Federal Reserve, exits following a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, March 22, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The last few Federal Open Markets Committee meetings have followed a pattern. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Jerome Powell flipped the script
▼ + stars: | 2023-03-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The last few Federal Open Markets Committee meetings have followed a pattern. Markets had expected a hike of 25 basis points, and that's what they got. Indeed, Quincy Krosby, chief global strategist of LPL Financial, noted "markets are responding well to the expected 25 basis points rate hike." Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Wall St ends sharply lower as Powell warns inflation fight continues
▼ + stars: | 2023-03-22 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The three major U.S. stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell's subsequent Q&A session. Worries persist that the Fed's aggressive battle against inflation could tip the economy into recession, and recent turmoil in the banking sector, sparked by failures of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O), have exacerbated those fears. All 11 major sectors of the S&P 500 ended the session deep in negative territory, with real estate (.SPLRCR) suffering the steepest percentage drop, its largest one-day plunge since Sept. 13. The S&P 500 posted six new 52-week highs and 13 new lows; the Nasdaq Composite recorded 44 new highs and 179 new lows. Volume on U.S. exchanges was 11.84 billion shares, compared with the 12.70 billion average over the last 20 trading days.

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