Enter your details to join our mobile app waitlist and receive early access to the Bell Direct App.
Wall Street closed lower on Wednesday as investor fears of further rate hikes out of the Federal Reserve, strengthened. The Dow Jones closed Wednesday’s session 0.57% lower, while the S&P 500 and Nasdaq followed suit, ending the day 0.70% and 1.06% lower respectively. Technology stocks have felt the incoming pressure from potential further rate hikes leading to a negative close across the sector for the third straight day. This was highlighted by Apple and Nvidia which fell by more than 3% each with Amgen and Boeing also fell 2% each.
Over in Europe, markets closed lower on Wednesday as investor focus has shifted to the oil market outlook and inflation concerns in Saudi Arabia and Russia as they each extended voluntary oil cuts until the end of 2023. The STOXX 600 ended the day 0.6% lower, led by households’ goods losing 2.2% and the banks dropping by 1.5%. Germany’s DAX ended the day 0.19% lower with the FTSE100 and the French CAC closing down by 0.16% and 0.84%. Saudi Arabia have extended their oil production cuts by 1 million barrels until the end of December with Russia following suit reducing its oil exports by 300,000 barrels.
Locally yesterday, the ASX200 ended the day 0.78% lower driven by a 1.49% decline in the info tech sector and a 1.35% drop in the communications services sector. However, this was slightly offset by a 0.95% rise in the energy sector.
What to watch today: