May 18, 2022

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Wall Street undermines its losses and fades after the release of the minutes of the Federal Reserve meeting

Wall Street undermines its losses and fades after the release of the minutes of the Federal Reserve meeting

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, February 15, 2022. REUTERS/Brendan McDermid

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  • Federal Reserve meeting minutes released
  • ViacomCBS declines on profit loss
  • US retail sales jump in January
  • Indices down: Dow 0.26%, S&P 0.10%, Nasdaq 0.48%

NEW YORK (Reuters) – Wall Street rebounded from session lows and swung on Wednesday after the US Federal Reserve released the minutes of its latest monetary policy meeting, which showed that while the central bank plans to start raising interest rates to combat inflation, it will make such decisions based on Each meeting separately.

All three major US stock indexes spent the session in negative territory, with technology stocks (.SPLRCT) The heavyweight, as investors grappled with shifting geopolitical tensions and a slew of data suggesting the US economy is heating up, reinforced the Federal Reserve’s stance on aggressive interest rate tightening.

said Hugh Roberts, head of analytics firm and Quant Insight in London. “Maybe the Fed would like to prepare the market a little bit, and one way to do that is a tighter set of minutes.” Read more

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A slew of economic data on Tuesday showed a sharp rebound in retail sales, stronger-than-expected industrial production, and core import prices reaching all-time highs. Read more

“Data came out today alongside the hawks at the (FOMC),” Roberts added. “The stock market reaction today tells you that the data today is making the market fear a 50 basis point rate hike.”

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The United States and NATO remain concerned about Russian forces near the Ukrainian border, defying Russia’s claims on Tuesday that it is withdrawing its forces and questioning President Vladimir Putin’s stated willingness to negotiate a diplomatic solution to the crisis. Read more

Dow Jones Industrial Average (.DJI) It fell 90.29 points, or 0.26%, to 34898.55 Standard & Poor’s 500 (.SPX) It lost 4.6 points, or 0.10 percent, to 4,466.47 points, and the Nasdaq Composite Index (nineteenth) It fell 68.48 points, or 0.48%, to 14,071.28 points.

Of the 11 major sectors in the S&P 500, technology stocks suffered the largest percentage decline. Energy was the clear winner, benefiting from higher crude oil prices, due to supply concerns stemming from tensions between Russia and Ukraine.

ViacomCBS shares fell 19.1% after the media group missed quarterly earnings expectations. Read more

Short-term rental company Airbnb (ABNB.O) It advanced 5.4% following its better-than-expected revenue forecast for the first quarter, driven by a strong rebound in travel demand. Read more

Devon Energy Company (DVN.N) A 7.7% gain after the oil producer reported fourth-quarter results above Wall Street estimates. Read more

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Additional reporting by Susan Matthew and Devik Jane in Bengaluru; Editing by Magu Samuel and Aurora Ellis

Our criteria: Thomson Reuters Trust Principles.