Stocks rose in the morning after the Federal Reserve said its rate hike campaign may be ending amid concerns about the stability of the global banking system.
- S&P 500 advanced 0.9%
- The Dow Jones Industrial Average advanced 0.7%
- The high-tech Nasdaq Composite rose 1.4%
Other major assets on Thursday included WTI crude, which was down 0.7% and traded near $70.52 a barrel. Earlier this week, crude oil fell to its lowest level in almost two years amid jitters over global demand and a rising dollar.
The 10-year Treasury yield was little changed, easing around a basis point to trade at 3.48% after yields fell on the latest economic speculation from the Fed that a rate hike is closer to completion than expected. previously planned.
On Wednesday, the Fed increased its target range for interest rates by 0.25%, as anticipated, pushing the federal funds rate to 4.75%-5%, the highest level since 2007.
Coinbase shares fell 16% in early trading after the company announced it had received a notice from Wells from the SEC warning companies to expect potential regulatory action.
Shares of Block, the payments company formerly known as Square, also fell sharply, falling as much as 19% after Hindenburg Research released new data about the company showing that as many as 76% of the company’s accounts were customer accounts. existing, with a variety of fraudulent schemes.
European stock futures were mixed
Meanwhile, European stock markets opened mixed as investors awaited the latest rate hike from the US Federal Reserve ahead of another Bank of England policy meeting.
- The DAX futures contract in Germany fell 0.4%
- The FTSE 100 futures contract in the UK fell 0.3%
- The CAC 40 in France rose 0.5%.
The central bank also cut its annual GDP outlook, saying the bank turmoil will have a big impact on growth.
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