The S&P 500 fell 1.9% and the Nasdaq 3.3%.
The stock market tanked on Wednesday after minutes from the Federal Reserve’s most recent meeting showed that the central bank could become more aggressive about removing stimulus and reducing its balance sheet as it looks to combat high levels of inflation.The Dow Jones Industrial Average fell 1.1%, nearly 400 points, while the S&P 500 plunged 1.9% and the Nasdaq Composite 3.3%.
In the latest minutes, the Federal Reserve signaled that it could become even more aggressive about removing stimulus and raising interest rates later this year, depending on how the economic recovery progresses. Investors were particularly spooked by the fact that Fed officials widely agreed that it would be appropriate to start reducing the central bank’s nearly $9 trillion balance sheet some time after the first interest-rate hike.
Strong payrolls data had initially boosted markets earlier in the day, after ADP’s December employment report showedShares of chipmakers and software companies led the market’s declines on Tuesday: Salesforce fell nearly 8%, Adobe 7%, Nvidia 6% and Advanced Micro Devices 6%.thanks to abating concerns around the Covid omicron variant, the sharp drop on Wednesday is a sign of more volatility ahead.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Futures subdued as tech stocks extend fall; Fed minutes awaitedU.S. stock index futures were subdued on Wednesday ahead of minutes from the Federal Reserve's December meeting, even as big technology stocks continued to fall, with Salesforce.com declining after a brokerage downgrade.
Read more »
Salma Hayek takes the plunge in $890 leopard bathing suitNew year, same Salma content. The 55-year-old actress celebrated the first Monday of the year by posing in a Saint Laurent swimsuit.
Read more »
Stocks making the biggest moves in the premarket: Foot Locker, Under Armour, Warner Music and moreThe stocks making the biggest moves in premarket trading include Foot Locker, Under Armour, Warner Music, and more.
Read more »
Asian stocks track Wall St higher in upbeat start to 2022Asian stocks were firmer on Tuesday following Wall Street's record highs on its first trading day of 2022, despite worries that the widespread Omicron COVID-19 variant could put the brakes on global economic recovery.
Read more »
Airlines surge and stay-at-home stocks slump in European actionWizz Air led an airline rally, surging as the Central European-focused airline nearly quadrupled passenger traffic in December compared to year-ago levels.
Read more »
Stocks Making the Biggest Moves Midday: Ford, Bank of America, Occidental and MoreThese are the stocks posting the largest moves in midday trading.
Read more »