Reporters reported that The Dow Jones New York Stock Exchange Index closed sharply lower on Friday (Oct. 20), with technology and financial stocks falling the hardest. This is because investors are worried about interest rate increases. and the growing conflict between Israel and Hamas.
The Dow Jones Industrial Average closed at 33,127.28 points, down 286.89 points or -0.86%, S&P Index500 closed at 4,224.16 points, down 53.84 points or -1.26%, and the Nasdaq index Closed at 12,983.81 points, down 202.37 points or -1.53%. In this week Dow Jones Index fell 1.6%, S&P Index500 down 2.4% and Nasdaq Index fell 3.2%
All 11 stocks in the S&P 500 Index fell after selling pressure. The Financial sector fell 1.6%, while the KBW Regional Banking Index fell 3.5% and the Regions Financial Bank share price fell 12.4% to its lowest level since March. 2020 after revealing profits lower than analysts expected
Volatility index (Cboe Volatility index), which indicates investors’ concerns. Closed at highest level since March 24, 2023
The yield on the 10-year government bond fell on Friday. after breaking through the 5% level for the first time since July. 2007 after Mr. Jerome Powell, Chairman of the Federal Reserve (Fed), said that the Fed may have to raise interest rates to control inflation. If the US economy is strong and the labor market is tight
Investors are likely to keep a close eye on the situation in the Middle East this weekend. Israel launched an attack on the northern Gaza Strip on Friday.
Investors are also keeping an eye on U.S.-listed companies’ third-quarter earnings reports, with 86 companies in the S&P 500 Index reporting earnings.
American Express shares fell 5.4% despite reporting better-than-expected third-quarter profits. Meanwhile, SolarEdge shares fell 27.3% after warning about lower revenue in the fourth quarter.
2023-10-21 02:02:23
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