Home Business Wall Street opens mixed as tech stocks fall, banks rise

Wall Street opens mixed as tech stocks fall, banks rise


Major Wall Street Indices opened today, Thursday, in contrast with the earnings of banking and energy companies, while interest rate sensitive stocks have remained under pressure from indications that the US Federal Reserve (the central bank) is about to raise interest rates.

The Dow Jones Industrial Average was up 1.94 points, or 0.01%, to open at 3,6409.05 points.

The Standard & Poor’s 500 index also opened, in down 7.19 points, or 0.15%, to 4,693.39 points, while the Nasdaq Composite Index fell 76.02 points, or 0.50%, to 15024.15 points in opening.

Financial corridors await today, Thursday, as markets in the region will be hit by the sharp decline in US markets yesterday, following the appearance of the US Federal Reserve minutes, which showed that it may need to raise interest rates sooner than expected.

A paper released Wednesday showed that Fed monetary policymakers at their meeting in the middle of last month saw that the “extremely tight” labor market and persistent inflation could require the Fed to raise interest rates ahead of expected and start reducing its total equity holdings.

The minutes of the meeting revealed that Fed officials are uniformly concerned about the pace of continuing price increases, coupled with the supply crisis extending into 2022. “These concerns emerged before the risks of the mutation emerged.” Omicron “, which some of these officials believe may increase inflationary pressures.

The likelihood that the Federal Reserve will raise interest rates in March for the first time since the start of the Corona outbreak has risen to more than 70%, according to the FedWatch indicator published by CME Group.

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