The U.S. stock market rethought the Fed’s hawkish stance.
Despite the fact that the likelihood of a 50 basis point rate hike at the next Fed meeting has multiplied, investors have decided that the central bank’s intention to act more aggressively is not a reason for correction, organizing another wave of growth for technology companies, writes CNBC.
The Dow Jones index was the worst performer among the major stock indices at +0.74%. The broad market index S & P 500 was faster and gained 1.13%. Tuesday’s leader Nasdaq gained 1.95%.
A trader on the NYSE tracks the Dow Jones index. Photo: businessinsider.com
Among the absolute leaders were Tesla (TSLA) +7.91%, Moderna (MRNA) +6.46%, Alphabet +2.78%, Amazon (AMZN) +2.1% and Apple (AAPL) +2.08%. Bank stocks were doing quite well. Bank of America Corporation (BAC) gained 3.13% and JPMorgan Chase gained 2.13%.
After the European Union rejected the discussion of the possibility to introduce the complete ban on Russian oil supplies, the quotations of black gold took a pause after the yesterday’s growth. Prices of the world’s main benchmarks lost about 1% following the session. West Texas Intermediate finished trading at the level of $108.5. North Sea Brent closed at $111.4 a barrel.
Yesterday’s leaders – shares of oil companies tried on the role of outsiders today. Occidental (OXY) and Hess (HES) were down 2.17% and 2.18%, respectively. Shares of more capitalized ExxonMobil (XOM) and Chevron (CVX) fared better, only 0.44% and 0.33% lighter.
Moscow continues to rest
The stock section of the Moscow Exchange continues to be on vacation. According to updated data from Hedge Fund Research (HFR), hedge funds investing in Russian assets have lost about 36% in the first two months of this year alone, Yahoo Finance reports.
The losses come amid a flurry of economic restrictions from the U.S. and the European Union, the collapse of the Russian ruble and an increased risk of default on Russian sovereign bonds.
