The entrepreneur | New York Stock Markets Lose After Interest Rates Hike …

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ANP

November 2, 2022

The Fed raised the key US interest rate by 0.75 percentage points for the fourth time in a row. In the press release on the rate decision, the Fed said that rate hikes will continue until they have sufficient effect to bring inflation to the desired level of 2%.

“There is still a lot of work to be done and we will do it,” Fed chief Jerome Powell said of efforts to contain price increases. “But at some point it is appropriate to moderate the pace. It could be at the next interest rate meeting, or the next one.”

Boeing

The Dow Jones closed 1.5% lower at 32,147.76 points. The broad S&P lost 2.5% to 3759.69 points and the Nasdaq tech indicator fell 3.4% to 10,524.8 points.

In addition to rising interest rates, investors have been paying attention to the aircraft manufacturer Boeing. After CEO Dave Calhoun indicated it could generate $ 10 billion in cash annually by the middle of the decade, the stock gained 2.8%.

Chipproducer

Advanced Micro Devices (AMD) was up 5.5% higher on the New York stock exchanges on Wednesday. The US chip maker saw its revenue increase significantly in the last quarter, thanks to increased demand for data center and gaming computer chips. Despite this, AMD remained at less than 1.7% at the end of the day.

Investors have also been keeping an eye on Netflix. The streaming service will start tomorrow offering subscriptions at a lower rate but with advertising. The company went out of business with a drop of 4.8%.

Apple

Apple also fell, with 3.7%. Chinese authorities have announced a seven-day lockdown for the area around the Foxconn factory in the Chinese city of Zhenzhou. The factory produces iPhones for Apple.

The euro was worth $ 0.9829. Oil became more expensive again as a barrel of US crude rose 0.9 percent in value to $ 89.16. Brent crude oil also rose 0.9% to $ 95.47 a barrel.