Lola Evans
10 Dec 2022, 07:14 GMT+10
NEW YORK, New York - U.S. stocks made tepid rises on Friday before succumbing to a wave of selling late in the day as investors continued to gyrate over the future direction of interest rates.
The U.S. Federal Reserve is likely to hike rates fifty basis points next week, an expectation already built into markets. What happens next year is occupying the minds of traders more with some seeing inflation peaking and rates coming down. Others see rates remaining high for longer, until such time as a recession emerges.
"It's our expectation that we really need to see inflation come down closer to the Fed funds rate for the Fed to pause, and we still have quite a bit of delta between those numbers," Stephanie Lang, chief investment officer at Homrich Berg told CNBC Friday.
"There's still a bit of work to be done on the inflation front to really see that as the reality," Berg added."
The Dow Jones industrials took the biggest hit Friday, tumbling 305.02 points or 0.90 percent to 33,476.46.
The Standard and Poor's 500 fell 29.13 points or 0.73 percent to 3,934.38.
The tech-laden Nasdaq Composite retreated 77.39 points or 0.70 percent to 11,004.62.
Foreign exchange markets mostly supported foreign currencies. The U.S. dollar fell to the in-demand euro, falling to 1.0540 approaching the New York close Friday.
The British pound swelled to 1.2295. The Swiss franc rallied to 0.9329.
The Australian and New Zealand dollars were robust, rising sharply to 0.6794 and 0.6408 respectiovely.
The Japanese yen was flat at 136.59, while the Canadian dollar was sold off to 1.3633.
On overseas equity markets, London's FTSE 100 edged up 0.06 percent. The German Dax advanced 0.76 percent.The Paris-based CAC 40 rose 0.46 percent.
In Japan, the Nikkei 225 jumped 326.58 points or 1.18 percent to 27,901.01.
The Hang Seng in Hong Kong surged 450.64 points or 2.32 percent to 19,900.87.
China's Shanghai Composite rose 9.60 points or 0.30 percent to 3,206.95.
In Singapore, the Strait Times Index garnered 9.89 points or 0.31 percent to 3,245.97.
The Australian All Ordinaries firmed 36.90 points or 0.50 percent to 7,406.30.
Indonesia's Jakarta Composite Index went against the trend, falling 89.11 points or 1.31 percent to 6,715.12.
In New Zealand, the S&P/NZX 50 dipped 21.11 points or 0.18 percent to 11,596.03.
South Korea's Kospi Composite added 17.96 points or 0.76 percent to 2,389.04.
Get a daily dose of Japan Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.
More InformationMACAU CITY, Macau: Over the Lunar New Year holiday, Macau, the world's largest gambling hub, witnessed a resurgence of tourists ...
SINGAPORE: In December, Singapore saw its key consumer price gauge rise 5.1 percent, higher than predicted, official data said. However, ...
TOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
TOKYO, Japan: The Yomiuri newspaper has reported that Japanese Prime Minister Fumio Kishida is planning to visit Kyiv in February ...
SINGAPORE: In December, Singapore saw its key consumer price gauge rise 5.1 percent, higher than predicted, official data said. However, ...
RESTON, Virginia: Amidst labor and supply shortages, US defense contractor General Dynamics forecasted weak 2023 results, though strong demand for ...
ATLANTA, Georgia: In light of its significant debt, the slowing economy and rising interest rates stifling consumer demand, US mattress-maker ...
BENTONVILLE, Arkansas: To attract and retain employees in a tight domestic labor market, Walmart has announced that it it will ...
NEW YORK, New York - U.S. stocks hesitatingly continued higher Friday, reflecting widespread gains, albeit modest ones, across the globe."We're ...
NEW YORK CITY, New York: As early as this year, lab-grown meat could be served in some restaurants in the ...