Friday, May 27, 2022

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Wall Street closes down as markets whipsaw ahead of Fed meeting

US markets closed lower yesterday with interest rate sensitive tech stocks weighing most heavily as uncertainties around increasingly hawkish Federal Reserve and rising geopolitical tensions contributed to the market’s churn.
The Dow Jones Industrial Average fell 0.2 per cent to 34,298. The S&P 500 lost 1.2 per cent to 4,356. And the Nasdaq Composite dropped 2.3 per cent to 13,539.

The members of the Federal Open Markets Committee convened yesterday for their two-day monetary policy meeting. Market will scrutinize the Fed statements for clarity regarding the central bank’s timeline for hiking key interest rates to combat inflation.
Geopolitical tensions are adding to investor uncertainty, with NATO putting forces on standby and the US putting troops on heightened alert in response to a buildup of Russian forces along Ukraine border.

Energy was the top gainer among the 11 major sectors in the S&P 500, with tech shares suffering the largest percentage decline.
General Electric fell 6 per cent after the industrial conglomerate reported a decline quarterly revenue. IBM advanced 5.7 per cent after the IT giant beat quarterly Wall Street estimates. American Express exceeded fourth-quarter profit estimates, sending the consumer credit company’s stock up 8.9 per cent, while Johnson & Johnson gained 2.9 per cent after reporting it expects a jump of as much as 46 per cent in 2022 vaccine sales.

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