Wall Street Has a 'Post-Fed Hangover'

Stocks fall again on fears that rate increases will remain aggressive for a while
By Newser Editors and Wire Services
Posted Nov 3, 2022 3:27 PM CDT
Wall Street Has a 'Post-Fed Hangover'
Traders work on the floor at the New York Stock Exchange in this file photo.   (AP Photo/Seth Wenig, File)

Stocks fell again on Thursday, a day after the Federal Reserve indicated that its fight against inflation is far from over. The Dow fell 146 points, or 0.4%, to 32,001, the S&P 500 fell 39 points, or 1%, to 3,719, and the Nasdaq fell 181 points, or 1.7%, to 10,342. Technology and communication services stocks were among the biggest weights on the market, per the AP. Apple fell 3.6% and Warner Bros. Discovery slid 6.7%. Those losses kept gains in industrial, energy and other sectors in check. Boeing jumped 6.7% and Marathon Petroleum rose 3%.

“The post-Fed hangover continues to keep pressure on US stocks as the impact from the first round of hikes is finally being felt,” Oanda senior market analyst Ed Moya tells CNBC. “Stocks aren’t going to have a painful death here, but they will soften until markets price in a little more Fed hawkishness.” Investors had been hoping the Fed might ease up on rate increases, but that appears unlikely for the near future. Hotter-than-expected data from the employment sector this week has so far signaled that the Fed has to remain aggressive. On Friday, Wall Street will get a broader monthly employment update from the US government. (More stock market stories.)

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