The Wall St. sign outside the New York Stock Exchange.
par Noel Randewich et Shrivathsa Sridhar
(Archyde.com) – The New York Stock Exchange ended lower on Monday as fears that U.S. Federal Reserve (Fed) rate hikes might cause the economy to slow further pushed indices in the zone higher. of “bear market” or bearish market.
The Dow Jones index fell -1.11%, or 329.6 points, to 29,260.81 points.
The broader S&P-500 fell 38.19 points, or -1.03%, to 3,655.04 points.
The Nasdaq Composite fell for its part by 65 points (-0.60%) to 10,802.92 points.
After two weeks of losses in the stock markets, the Dow has confirmed that it has been moving into bearish territory since the beginning of January.
The S&P 500 meanwhile gave up gains made over the summer following the Fed indicated last Wednesday that its rates might peak at 4.60% in 2023 and that it did not expect any cuts before 2024.
“Investors are throwing in the towel,” said Jake Dollarhide, managing director of Longbow Asset Management in Tulsa, Oklahoma.
“It’s because of the uncertainty around where the Fed rates might peak. Will it be 4.6%? Will it be 5%? Will that point will be reached in 2023?”
Investor confidence was also hurt by uncertainty in the foreign exchange market, as the pound sterling fell to its lowest level since the UK’s switch to the decimal system in the early 1970s during the session.
This has further heightened volatility, as markets fear a global recession. The volatility index was moving near a three-month high during the session.
Growth stocks like Amazon.com, Apple or Tesla have enabled the Nasdaq to limit its losses.
Casino operators Wynn Resorts, Las Vegas Sands and Melco Resorts & Entertainment for their part jumped from 12% to 25%, driven by the announcement by Macao of a reopening of the sector to tourists from mainland China.
* The reminder of the session in Europe: [.EUFR]
* TO BE FOLLOWED ON TUESDAY:
(With the contribution of Ankika Biswas; French version Camille Raynaud)
