Earlier in the day, shares in regional banks tumbled on renewed fears about the financial system and investors tried to gauge how much longer the Fed could keep raising interest rates.
Wall Street It opened mixed on Wednesday, the day the Federal Reserve announces its decision on interest rates. Earlier in the day, shares of regional banks tumbled on renewed fears about the financial system and investors tried to gauge how much longer the Fed could keep raising interest rates.
The Dow Jones lost 0.06% to 33,695.29 points, the Nasdaq advanced 0.25% to 12,110.27 points, while the S&P 500 rose 0.16% to 4,126.50 points.
“Today the Federal Reserve announces its decision on the interest rate where the expectation is that it will increase by 0.25%”, ahead of ANSA Nino Di Russo, director of OnLineTradingCollege.org.
“Volatility increased 2.92% reaching 18.30 and affecting major S&P500 trailing ETFs such as SPY at 0.06% and QQQ trailing Nasdaq at 0.13%,” it added.
At the close of today, Qualcomm, Marathon Oil and Mercado Libre, among the most relevant, publish their results. Apple’s results are expected tomorrow with great expectation.
Meanwhile, the European stock markets and especially the Milan Stock Exchange reduced their profits after the opening of Wall Street, always awaiting the decisions of the Fed.
PacWest Bancorp and Western Alliance Bank recovered sharp falls in the previous session on Wednesday to climb 11.6% and 6.5%, respectively, while the KBW Regional Banking Index rose 2.3%.
Although the market expects the Federal Reserve to raise interest rates by 25 basis points, investors will be focused on whether more hikes are in the offing as inflation remains above the central bank’s 2% target.
Source: Ambito
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