iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

US Market falls on fear of continuation of aggressive rate hikes

22 Aug 2022 , 08:40 AM

The US stock market finished choppy session deeply in negative territory on Friday, 19 August 2022, as investors opted to cash in on the recent strength in the markets amid caution ahead of next weeks economic symposium in Jackson Hole, Wyoming, for additional clues about the pace of future interest rate hikes, after Fed officials signals more hawkish rate hikes ahead. Recent comments from some Fed officials have indicated the central bank will continue to raise interest rates aggressively at its next meeting in September. St. Louis Fed president James Bullard said recently that he expects a third straight 75 basis point interest rate hike in September, while San Francisco Fed colleague Mary Daly said that raising rates by 50 or 75 basis points next month would be reasonable. At the close of trade, the Dow Jones Industrial Average index dropped 292.30 points, or 0.86%, to 33,706.74. The S&P500 index was down by 55.26 points, or 1.29%, to 4,228.48. The tech-heavy Nasdaq Composite Index decreased by 260.13 points, or 2.01%, to 12,705.22. For the week, the Nasdaq dove by 2.6%, the S&P 500 slumped by 1.2% and the Dow edged down by 0.2%. Total 9 of 11 S&P sectors ended lower, with consumer discretionary sector was the worst performer, erasing 2.1%, followed by financials (down 2%), communication services (down 1.8%), and information technology (down 1.8%) issues. Among individual stocks, Occidental Petroleum jumped after Warren Buffetts Berkshire Hathaway won regulatory approval to purchase up to 50% of the oil companys common stock. General Motors shares rose after the automaker said it will resume paying a quarterly dividend, which it suspended as the COVID-19 pandemic was unfolding. It will also restart share repurchases, with the board increasing its buyback capacity to $5 billion. Among Indian ADR, Dr Reddys Labs declined 1% to $52.22, Tata Motors fell 4.4% to $29.28, WNS Holdings declined 0.2% to $87.45, HDFC Bank fell 2.4% to $63.05, ICICI Bank fell 2.1% to $21.84, and INFOSYS was down 1% to $19.78. Azure Power Global dropped 6.5% to $11.03 and Wipro was down 1.8% to $5.33. Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.