Wall Street Fell As Growth Concerns Weighed On Tech. Oil Prices Rose But Expected To Lose Backwards. Gold Steadied. Yen Rebounded And Dollar Firmed. Cryptos Recovered.

Updated time: 26 Sep, 2022, 08:52 (UTC+04:00)


Wall Street went red as investors dumped growth equities, notably tech firms in response to the Fed’s aggressive move. Big tech, consumer discretionary and financials fell most, causing tech-heavy Nasdaq to lead the plummet of 1.37%, followed by Dow Jones and S&P 500 with 0.84% and 0.35% fall.

Wall Street Fell As Growth Concerns Weighed On Tech

Futures, on the contrary, displayed a tiny upward trend with all being up 0.1-0.2%. Initial jobless claims came under expectations, at 213,000. A surge of 75bps rate hikes signaled a longer trajectory for policy rates than markets had priced in, growing concerns over drawdown in Q3 earnings, volatility in stock and bond trading in a year. 


Oil prices were in green but expected to lose for a fourth straight week as investors were concerned over the tightened global supply due to disruption from the Russia-Ukraine conflict along with hawkish rates. Brent oil futures and U.S WTI crude futures rose 0.2% to $90.50 and 0.1% to $83.61 per barrel respectively.

Gold prices stabilized and were anticipated to remain unchanged as selling pressure appeared to have eased.


Yen returned to the fray and gained 0.1% to 142.24 against the dollar, after Japan intervened in FX markets. The dollar still maintained its dominance with its index firmed to 111.27, having gained 1.5% for the week. Sterling gained little to $1.12645 supported by 50bps from the BOE while euro almost hit new lows. The Aussie and kiwi slightly recovered.


Major cryptos rebounded. Bitcoin spent much regaining lost ground in the fitful aftermath of the Fed’s interest rate hike a day earlier. Ethereum was recently changing hands at about $1,330, a 7% gain after a drop below $1,250 due to post Merge hangover.

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