Wall Street closes sharply lower after hawkish Fed signals

Asia's Tech News Daily

Comments from the Federal Reserve chief

Traders work on the floor of the New York Stock Exchange on Nov 30, 2021.

NEW YORK (AFP) – Comments from the Federal Reserve chief signalling the US central bank could hike rates sooner than expected sent New York stock indices sharply lower on Tuesday (Nov 30).

The benchmark Dow Jones Industrial Average finished with a 1.9 per cent loss at 34,483.72.

The broad-based S&P 500 also fell 1.9 per cent to 4,567.00, while the tech-rich Nasdaq Composite Index lost 1.6 per cent to close at 15,537.69.

In a decided shift, Fed Chair Jerome Powell told Senate lawmakers that the wave of price increases that has complicated the US pandemic recovery could last longer than anticipated, and he now advocates accelerating the drawback of the central bank’s stimulus measures.

That would open the way for it to hike rates sooner than markets expected, putting an end to the rally enjoyed during the pandemic, which was fuelled in part by the Fed’s easy money policies.

“Today will go down as the day Fed Chair Powell shed his dovish wings and showed signs of becoming a hawk,” said Edward Moya of Oanda.

Also weighing markets down were fears of the newly discovered Omicron variant of Covid-19, which investors fear could hit growth and employment, as the Delta strain did in recent months.

As the main US oil contract slumped more than 5 per cent, energy giants took a hit, with Exxon Mobil finishing 2.8 per cent lower and Chevron losing 1.7 per cent.

Markets are looking ahead to employment reports out this week, including private hiring data from ADP expected on Wednesday, and the government jobs report to be released on Friday.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

South Korea's kimchi exports reach $159.9 million in 2021 to register trade surplus for first time in 12 years

Japan was the biggest importer of kimchi from South Korea. South Korea’s kimchi exports last year reached US$159.9 million, up by 10.7 percent from the previous year, sustaining the increase ... Read more »

YouTube Shuts Division for Original Programming Unit launched 'Cobra Kai,' but most shows never gained traction with viewers

Google's YouTube is folding its effort to create original programming and focusing on the millions of creators who populate the video platform with content. Chief business officer Robert Kyncl said ... Read more »

PTC readies IPO amid rail expansion plan

Mr Weerawat expects the company’s initial public offering and share trading to begin during the first quarter this year. Premier Tank Corporation Plc (PTC) is preparing to be the first ... Read more »

Chinese Investment in U.S. Plane Maker Draws FBI, National-Security Reviews The scrutiny on Icon Aircraft comes as Washington and Beijing vie to control technologies seen as critical for future competitiveness

Recreational aircraft at an Icon Aircraft manufacturing facility in Tijuana, Mexico.  Bloomberg The FBI and a U.S. investment-screening panel are investigating a Chinese investment in an aircraft startup following allegations ... Read more »

Pact with Austria to help build smart cities

Mr Sucher, second from left, and Mr Nuttapon, centre, at the MoU signing for development of Thai smart cities. The Digital Economy Promotion Agency (Depa) has signed a memorandum of ... Read more »

OIC rejects bid to cancel lump sum Covid payments

Suthiphon Thaveechaiyagarn, secretary-general of the Office of the Insurance Commission, moderated the OIC’s virtual forum on Wednesday. The Office of the Insurance Commission (OIC) unanimously ruled against revoking an order ... Read more »

KBank denies reporting Binance deal Local exchanges nervous about giant

Kasikornbank (KBank) denied announcing a partnership with Binance, the world's largest digital exchange, saying it is interested in establishing and investing in digital asset businesses, but has not decided on ... Read more »

Committee finalised for data protection act

The PDPA is expected to change the landscape of personal data protection in Thailand. The committee responsible for spearheading tasks for the Personal Data Protection Act (PDPA) has been established, ... Read more »

Chicken added to price control list Feed meal factories face stricter measures

A poultry shop at Si Mum Mueang Market, Pathum Thani, reports more customers than usual thanks to the upcoming Chinese New Year and the uptick in pork prices. Apichit Jinakul The ... Read more »

Hoteliers want 90% tax cut extended

A staff member cleans the pool at a Bangkok hotel. The hotel industry is facing a slowdown because of the temporary suspension of the Test & Go scheme. AFP Hoteliers ... Read more »

FTI suggests oil price surge will hit recovery

The Federation of Thai Industries (FTI) is worried global oil prices may soar to US$100 a barrel, threatening to worsen the inflation rate and economic recovery, now struggling against the ... Read more »

Tax may see SET trading value sink

Trading value on the Stock Exchange of Thailand (SET) could drop 40% if a capital gains tax on share sales is imposed, with the higher cost driving investors away from ... Read more »

United posts $646 million loss, omicron casts shadow over 1Q

The Associated PressFILE – United Airlines planes are parked at gates at Newark Liberty International Airport in Newark, N.J., on July 1, 2020. United Airlines lost $646 million in the ... Read more »

Adidas puts up floating tennis court in Great Barrier Reef to raise awareness on ocean pollution

To attract publicity for the eco-friendly tennis court, Adidas trotted out Australian Olympic stars Ian Thorpe and Jessica Fox. Adidas built a giant, floating tennis court made of recyclable plastic ... Read more »

As China's focus switches from property to capital market development, who will benefit?

So, what’s next for China, following the government’s crackdown on real estate? We all know that sectors currently in favour include priorities such as semiconductors, green energy and biosciences. But ... Read more »

Fauci says FDA could authorize Pfizer's Covid vaccine for kids under 5 in the next month

Dr. Anthony Fauci speaks about the Omicron coronavirus variant during a press briefing at the White House in Washington, December 1, 2021.Kevin Lamarque | Reuters White House chief medical advisor ... Read more »

Embattled Activision-Blizzard CEO to get $390M payout in Microsoft deal

Activision-Blizzard CEO Bobby Kotick will walk away with a $390 million payout following Microsoft’s $75 billion all-cash acquisition of his gaming company. NurPhoto via Getty Images Activision-Blizzard CEO Bobby Kotick ... Read more »

PepsiCo and Beyond Meat's joint venture will reportedly launch a plant-based jerky

Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.Angela Weiss | AFP | Getty Images Beyond Meat ... Read more »

Ford, US Bancorp fall; Bank of America, Tegna rise

Stocks that traded heavily or had substantial price changes Wednesday: Alliance Data Systems Corp., down $3.37 to $65.69. BJ’s Wholesale is reportedly ending its co-branded credit card partnership with the ... Read more »

Celeb-heavy Los Angeles suburb gets tough on water wasters

The Associated PressHomes are seen from Las Virgenes Reservoir in Westlake Village, Calif., Wednesday, Jan. 5, 2022. The community, one of the wealthiest neighborhoods in the Greater Los Angeles Area, ... Read more »

Burger King releases sandwich ads without product pictures to emphasize freshness

The idea is that it can’t show any of the three sandwiches because it hasn’t been prepared yet. Burger King released print and outdoor ads in Germany promoting the Whopper, ... Read more »

GM expands market for hydrogen fuel cells beyond vehicles

The Associated PressThis image provided by General Motors shows the GM Logo. General Motors is finding new markets for its hydrogen fuel cell systems. The automaker announced Wednesday, Jan. 19, ... Read more »

Biden administration announces plan to confront worsening wildfires

US President Joe Biden (C) and First Lady Jill Biden (R) tour a neighborhood destroyed by the Marshall Fire alongside Boulder County Sheriff Joe Pelle (L) in Louisville, Colorado, January ... Read more »

Disney taps Rebecca Campbell to head new content group as it gears up for international streaming push

In this photo illustration the Disney+ logo seen displayed on a smartphone screen. Is an online video streaming subscription service owned and operated by Direct-to-Consumer & International, a subsidiary of ... Read more »

American, Delta, United, and Southwest airlines warn 5G could ground some planes and wreak havoc

The carriers, including American Airlines, Delta Air Lines, United Airlines, and Southwest Airlines, warned that the 5G service could render a significant number of widebody aircraft unusable. The CEOs of ... Read more »

Yellen: Biden pandemic relief 'like a vaccine' for economy

The Associated PressTreasury Secretary Janet Yellen speaks at the 90th Conference of Mayors at the Capital Hilton in Washington, Wednesday, Jan. 19, 2022. ( AP Photo/Jose Luis Magana) WASHINGTON — ... Read more »

Stocks making the biggest moves midday: SoFi, Procter & Gamble, U.S. Bancorp and more

Pampers Diapers, which are manufactured by Procter & Gamble, are displayed in an Associated Supermarket in New York.Ramin Talai | Bloomberg | Getty Images Check out the companies making headlines ... Read more »

BNSF railroad tries to block 17,000 workers from striking

The Associated PressFILE – A BNSF railroad train hauling carloads of coal from the Powder River Basin of Montana and Wyoming is seen east of Hardin, Mont., on July 15, ... Read more »

Morgan Stanley shares up after fourth-quarter profits beat expectations

Full-year profit as well as revenue was a record for Morgan Stanley, which advised on some of the world’s biggest mergers during the year. Getty Images Morgan Stanley reported fourth-quarter ... Read more »

Construction to begin soon on new US offshore wind farm

Construction will soon begin on the second commercial-scale, offshore wind energy project to gain approval in the United States, the developers said. The U.S. Department of the Interior approved it ... Read more »

US begins offering free COVID test kits, but doubts persist

The Associated PressA United States government website is displayed on a computer, Wednesday, Jan. 19, 2022, in Walpole, Mass., that features a page where people can order free, at-home COVID-19 ... Read more »

Sony shares nosedive after Microsoft's deal with competitor Activision-Blizzard

Sony lost $20 billion in valuation on Wednesday as shares of the Japanese entertainment conglomerate fell by more than 12%. AFP via Getty Images Sony’s stock on Wednesday suffered its ... Read more »

EU depends on Russia in oil and gas sphere — Macron

The president of France said that Europe set the goal of achieving net-zero by 2050 Read more »

Talks with potential investors in offshore zone on Kuril Islands started, says ministry

The ministry expects both Russian and foreign businessmen to be interested in the new tax treatment Read more »

Greece raises $3.4B in bond auction to help boost budget

ATHENS, Greece — Greece raised 3 billion euros ($3.4 billion) in a 10-year bond auction Wednesday, which supplements tax revenue to finance everything from free COVID-19 tests for schoolchildren to ... Read more »

Donors to launch Houston newsroom with $20M in seed funding

The Associated PressSandra Edwards, right, interviews residents in Houston for the American Journalism Project about what they most needed and found to be missing in local news coverage, on Monday, ... Read more »

Britney Spears says father took millions during conservatorship

Fans and supporters of Britney Spears hold placards as they gather outside the County Courthouse in Los Angeles, California on June 23, 2021, during a scheduled hearing in Britney Spears' ... Read more »

Higher prices ahead for Tide detergent and other Procter & Gamble products as costs climb higher

Procter and Gamble Co. Pampers brand baby diapers are arranged for a photograph taken in Hastings on Hudson, New York, U.S., on Saturday, Oct. 17, 2020.Tiffany Hagler-Geard | Bloomberg | ... Read more »

US' Xinjiang law puts Chinese businesses in crosshairs, forcing them to take sides in political maelstrom

Ever since US President Joe Biden signed the Uygur Forced Labour Prevention Act into law last month, the apparel industry in China’s manufacturing hub of Guangdong province has been engulfed ... Read more »

Moldova's government will help Moldovagaz to settle accounts with Gazprom — PM

Moldovagaz and Gazprom renewed the gas supply contract for five years last October Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic