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21.09.2022: Wall Street weighed down by Fed’s pending announcement and geopolitical risks.
Today, investors will get to know the long-awaited Fed’s policy decision. During the New York session, the Federal Reserve will unveil its policy settings. What sentiment is ruling financial markets in the run-up to this crucial decision? Let’s find out the viewpoint of our analysts. On Tuesday, stock investors were on edge, going ahead with selling shares. The benchmark stock indices extended the downtrend in the New York session following the gloomy pre-market. The Dow Jones slumped by more than 300 points or 1.01%. The Nasdaq slipped 0.96%. The S&P 500 sank 1.13% intraday to close at 3,855. The major indices traded with fragile optimism in the green in the pre-market. All of them are set to waver between gains and dips amid the fundamentals. Market sentiment on Wall Street will depend on the Fed’s policy update. The S&P 500 is expected to trade in the corridor between 3,740 and 3,980. On Tuesday, all 11 sectors monitored in the S&P 500 went down. The real estate and construction sectors printed the worst losses of 2.6% and 1.9% respectively. The S&P 500 has already tumbled by 19.1% this year. The index has closed below 3,900 for a third session straight. This level is viewed by analysts as strong support. The dismal dynamic comes as a result of gloomy economic forecasts presented by Ford. The company incurred steeper losses than expected at 1 billion dollars due to soaring inflation. The company had to delay some deliveries until the fourth quarter because of the shortage in spare parts. Hence, Ford stock plummeted by 12.3%, the sharpest intraday decline since 2011. Today futures on US stock indices are drifting higher because investors are braced for the third aggressive rate hike. According to the FedWatch futures, a rate hike by 75 basis points has been priced in by the market almost in full. Apart from the rate hike, investors will take notice of the Fed’s agenda for the pace of further rate hikes aiming to tame soaring inflation. The stocks of US high-tech giants such as Apple, Tesla, Microsoft, Amazon, and Meta traded mixed in the pre-market but they rose in the early trading hours. Stocks of US defense companies such Raytheon Technologies, Lockheed Martin, and Northrop Grumman jumped in the pre-market after President Putin announced Russia’s first mobilization after World War II. The recovery in the stock indices is propped up today by growth in quotes of large energy companies. Wall Street could maintain its optimism if the Fed raises interest rates in line with expectations or if investors find out some hope for a completion in the cycle of aggressive tightening in the near future. However, if the regulator confirms its hawkish rhetoric, the stock market will take another nosedive. Meanwhile, the US dollar has conquered a new peak in two decades. Its index climbed to 110.8 and retreated later on. The outlook for the greenback is firmly bullish. Its intraday corridor is between 109.8 and 111.2. The US dollar owes its strength to expectations of another sharp rate hike and mounting global uncertainty. Today Russia’s President Putin ordered mobilization in Russia and resorted to “nuclear blackmail”. Financial markets view his comments as a warning that Moscow would respond with the might of its vast nuclear arsenal. As a result, the euro fell to 0.9895 against the US dollar, having lost 0.87% in the early American trade. The euro has gained ground afterwards. The US dollar index has settled at 110.80, the strongest level since 2022. It dipped in anticipation of the Fed’s policy settings and quarterly forecasts. The regulator has to try hard to push down the US dollar as a safe haven asset. The firm greenback is again setting the tone for the USD/CAD pair. Nevertheless, the loonie is more resilient than other currencies thanks to growing oil prices and the hawkish Bank of Canada. At the time of recording this video, the pair was trading at 1.3369, 0.12% up from yesterday. The intraday corridor for the instrument is defined between 1.3300 and 1.3410. Canada’s fresh CPI showed a decline in consumer prices, though inflation remains at elevated levels.
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