The S&P 500 plunged 2.8%, marking its second-worst day of the year, while the Dow Jones Industrial Average wiped out 980 points in its worst day since October 2020. The tech-heavy Nasdaq Composite tumbled 2.6%. Meanwhile, the 10-year U.S. Treasury yield remained at 2.9%, the highest level since December 2018.
"Markets are very uneasy about the growing likelihood of a policy error by the Federal Reserve," Harris Financial Group Managing Partner Jamie Cox said in a note. "When a Fed official suggests a 50 basis points hike, markets immediately start trying to price in 75 basis point hikes — it's madness really."
The losses follow remarks from Fed Chair Jerome Powell at a panel hosted by the International Monetary Fund Thursday signaling a 50-basis point rate increase was “on the table” for May, when the U.S. central bank holds its next policy-setting meeting. The Fed chair also reiterated that policymakers were committed to “front-end loading” inflation-fighting efforts.
"Today's market action reflects the power of Jerome Powell's comments yesterday, that the Fed is determined to slay climbing inflation and virtually acknowledging that the market can expect a 50 basis point hike in May," LPL Financial chief equity strategist Quincy Krosby said in comments Friday.
Yahoo -> Finance -> Portfolio
I should think about carefully, try to cut loss on PSFE early, FB stock, and sell intc for $1600 dollars gain. Do not wait for last minute, and then take actions.
It is hard to get rid of market risk. I have to be patient and then wait for the dip instead. I had $4400 US dollars gain a few days ago, and I thought that I should catch IBM 7% gain on earnings date.
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