Benzinga
Published Sep 22, 2022 12:23
Updated Sep 22, 2022 13:10
US Stocks Could Remain Jittery Thursday Over Fed Rate Hike As S&P 500, Nasdaq Futures See Volatility — McDonald's In Focus
The major U.S. index futures are flatlining, as traders are digesting the implication of the Fed's policy statement and a couple of interest rate decisions from Japan and the United Kingdom.
Fed’s decision to raise interest rates by an aggressive 75 basis points accompanied by a signal that more such rate hikes could be in the pipeline set in motion a steep sell-off in markets on Wednesday.
The three major averages ended with losses of over 1.7% or more, sinking further to their lowest level in about two months.
All S&P sectors ended lower for the session, with the sell-off more acute in interest-rate sensitive financial material, consumer discretionary and technology spaces.
Nasdaq Composite | -1.79% | 11,220.19 | |
S&P 500 Index | -1.71% | 3,789.93 | |
Dow Industrials | -1.70% | 30,183.78 |
Nasdaq 100 Futures | -0.03% | |
S&P 500 Futures | +0.06% | |
Dow Futures | +0.15% | |
R2K Futures | +0.03% |
On the economic front, the Labor Department is scheduled to release its jobless claims report for the week ended Sept. 17 at 8:30 a.m. EDT. In the week ended Sept. 10, the number of people filing for unemployment benefits slid for a fourth straight month, coming in at 213,000. Economists expect a slight uptick from the Sept. 10 number.
The Conference Board is set to release its leading indicators for August at 10 a.m. EDT. The index is expected to remain unchanged, an improvement from a 0.40% decline in July.
The Kansas Federal Reserve will release its September manufacturing index for the region at 11 a.m. EDT. In August, the index came in at three.
See also: Cathie Wood Finds This 'Most Disappointing' About Fed's Move — Sounds Alarm Again On This Overlooked Factor
Stock In Focus
Crude oil futures are moderately higher after two straight sessions of steep losses.
Most Asian markets retreated on Thursday, led by Hong Kong and Australia. Singaporean and Indonesian stocks, however, bucked the downtrend. The New Zealand stock market was closed for a public holiday.
The Bank of Japan on Thursday opted to maintain its ultra-low policy rate unchanged at a negative 0.1%. The central bank stepped in later in the day to prop up the yen, which tumbled against the dollar to its lowest level in 24 years. Reuters reported that the Japanese government intervened in the forex market to buy yen for the first time since 1998.
European stocks are also trading notably lower in late morning trading as traders digest the Bank of England's decision to raise the key rate by an expected 50 basis points.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.