Benzinga has examined the prospects for many investors' favorite stocks over the past week, here's a look at some of our top stories. The Federal Reserve shook the markets this week, raising its target fed funds rate by 0.75% on Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months.
A week of heavy selling has rocked U.S. stocks and bonds, and many investors are bracing for more pain ahead. Wall Street banks are adjusting their forecasts to account for a Federal Reserve that shows no evidence of letting up, signaling more tightening ahead to fight inflation after another market-bruising rate hike this week. The S&P 500 is down more than 22% this year.
* Weekly declines for main indexes between 4% and 5% * Costco slips after quarterly gross margins fall. * Energy stocks slump on drop in U.S. crude prices. * Indexes down: Dow 1.62%, S&P 1.72%, Nasdaq 1.8% By David French.
* All three major indexes set for sharp weekly losses. * Costco slips after quarterly gross margins fall. * Energy stocks slump on drop in U.S. crude prices. By David French.
* All three major indexes set for sharp weekly losses. * Costco slips after quarterly gross margins fall. * Indexes down: Dow 2.35%, S&P 2.52%, Nasdaq 2.58% By David French.
Investors sold off shares in major real estate investment trusts sold off after Federal Reserve Chairman Jerome Powell announced Wednesday that benchmark interest rates would go up by 0.75% to 3% and 3.25%. Many big REITs are dividend-paying securities and are the ones most affected by rate changes. The Fed intends to fight inflationary trends by making it more expensive to borrow money.
* All three major indexes set for sharp weekly losses. * Costco slips after quarterly gross margins fall. * Indexes down: Dow 2.27%, S&P 2.40%, Nasdaq 2.34% By Ankika Biswas and Devik Jain. Sept 23 - Wall Street's main indexes slid more than 2% on Friday as investors feared the U.S. Federal Reserve's hawkish policy actions to quell inflation could trigger a recession and dent corporate earnings.
The Dow Jones Industrial Average was down more than 20% from its Jan. 5 intraday record high on Friday amid worries that aggressive policy tightening by the Federal Reserve will push the economy into a recession. The index would confirm it has been in a bear market if it closes more than 20% below the record high close, according to a widely used definition.
* Precious metals set for weekly falls. * U.S. dollar hits 20-year high. * Benchmark 10-year yields jump to 12-year highs. By Kavya Guduru. Gold prices dropped over 1.5% to their lowest since April 2020 on Friday, hurt by an unrelenting rally in the U.S. dollar and Treasury yields as the Federal Reserve adopts a more aggressive stance to check surging inflation.
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