Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Reading: Wall Street continues to lose money as recession worries grow
Share
Aa
Times of Pakistan
Search
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Follow US
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
WorldBusiness

Wall Street continues to lose money as recession worries grow

Major stock indexes on Wall Street continued to decline on Friday as concerns about an impending recession fueled.

News Desk
By News Desk Published December 16, 2022
Share
wall street continues to lose money
Image Credits: The Balance

But increases of about 6% in Meta Platforms Inc. and Adobe Inc. saved the tech-heavy Nasdaq from a worse decline. The owner of Facebook profited when J.P. Morgan raised the company, and Photoshop earnings expectations for the first quarter were optimistic. Investors are attempting to make sense of Fed Chair Jerome Powell’s recent remarks, which hint at further policy tightening in the future, including the central bank’s prediction that interest rates will exceed the 5% barrier in 2023, a level not seen since 2007.

According to Andre Bakhos, managing director of New Vines Capital LLC, “the market is reeling from the aftershock of the Federal Reserve’s hawkish rhetoric and more specifically because of the Fed’s movement of its dot plots to above the 5%.”

According to money market predictions, there will be at least two rate increases of 25 basis points in 2019 and a terminal rate of 4.9% by midyear, before it drops to 4.4% by the end of the year.

According to a recent economic report, new orders in the United States fell to their lowest level in little over two and a half years in December, but softer demand contributed to dramatically lower inflation.

This follows data released on Thursday that showed weak November retail sales in the United States, despite the fact that the labour market remained robust and fewer Americans were applying for unemployment benefits than the previous week.

The main averages on Wall Street hit a five-week low on Friday and are expected to conclude the week down more than 2% on average.

Due to the crackdown by significant hawkish central banks, market players have essentially discounted the likelihood of a Santa surge this year. The European Central Bank and the Bank of England were the most recent institutions to signal an extended cycle of rate increases on Thursday.

Investors will also be keeping an eye on San Francisco Fed President Mary Daly’s remarks at 12 p.m. ET to determine how quickly rates will rise in the future.

TAGGED: Andre Bakhos, Fed President Mary Daly, J.P. Morgan raised, Wall Street
By News Desk
The author is the news desk team.
Previous Article russian oil on discounted price Petroleum Minister reaffirms, Russia to provide Pakistan with discounted crude oil
Next Article The way of water Avatar: The Way of Water’s first night at the US box office brings in $17 million
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

More Latest News

user can challenge account suspension
Users can challenge account suspensions, says Twitter
World Technology
india
Two Indian military jets collide, killing one of the pilots
World
Bilawal Bhutto
Regarding Imran’s accusation against Zardari, Bilawal claims PPP “exploring a legal response”
Pakistan Politics
fawad chaudhry 1
In sedition charge, Fawad Chaudhry must appear in court by 12:30 pm: IHC
Pakistan Politics
Tyre Nichols killed
Memphis cops shown on camera assaulting Tyre Nichols severely
World
Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
  • ٹائمز آف پاکستان اردو
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us

© 2002-2022 TIMES OF PAKISTAN (PRIVATE) LIMITED
This material may not be published, reproduced, broadcast, rewritten, or redistributed without permission.

Welcome Back!

Sign in to your account

Lost your password?