The Dow Jones plunges more than 100 points as investors focus on the performance of public companies. Including statements by Federal Reserve (Fed) officials to assess the direction of US interest rates.
As of 21:44 Thai time, the Dow Jones Industrial Average was 33,671.10 points, up 124.78 points or 0.37%.
Energy stocks were the only ones to fall today. While the price of oil has collapsed in the world market. Amid concerns over oil demand in China and the US Federal Reserve (Fed) accelerating interest rate hikes to curb inflation.
St. Louis Fed Chairman James Bullard said interest rates are currently not in a range considered narrow enough.
“Even though the Fed has raised interest rates to a range of 3.75 to 4.00% this year, it is still below what the Fed considers enough tightening to bring inflation back to its target of 2%. That’s an effective 5-7% with tight control levels,” Bullard said.
Kansas City Fed Chair Esther George said, The Fed may have to downsize the economy to slow inflation. While the job market is still tight.
Markets are keeping an eye on the Nov. 1-2 meeting minutes of the Federal Open Market Committee (FOMC), which will be released on Nov. 23, to provide an indication of the direction of Fed interest rates.
