The Dow Jones tumbles more than 100 points as investors focus on the performance of listed companies. Including statements from Federal Reserve officials (Fed) to assess the direction of US interest rates.
As of 9:44 p.m. Thai time, the Dow Jones Industrial Average was 33,671.10 points, plus 124.78 points or 0.37%.
Energy stocks were the only ones that dropped today. While the price of oil collapsed in the world market. Amid concerns regarding oil demand in China and accelerating interest rate hikes by the US Federal Reserve (Fed) to curb inflation.
St. Louis Fed President James Bullard said interest rates are currently not in a range considered tight enough.
“Even though the Fed has raised interest rates to a range of 3.75-4.00% this year, it is still below what the Fed sees as tightening enough to bring inflation back to its 2% target. That’s 5-7% effective at tight control levels,” said Mr Bullard.
Kansas City Fed President Esther George said: The Fed may have to shrink the economy to slow inflation. While the labor market is still tight.
Markets are keeping an eye on the minutes of the Federal Open Market Committee (FOMC) Nov. 1-2 meeting, which will be released on Nov. 23, to provide an indication of the Fed’s interest rate direction.
