#StockMarket #FederalReserve #EconomicIndicators
The stock market today witnessed significant fluctuations, with the Dow Jones Industrial Average ($DJI) plummeting 300 points in early trading. This decline was largely driven by concerns over the ongoing economic slowdown and the impact of rising interest rates on corporate profits.
In a notable development, the Federal Reserve announced a 0.5% interest rate hike, aiming to curb inflation. This move has sparked uncertainty among investors, leading to a sell-off in the technology sector. The Nasdaq Composite ($COMP) fell 1.5%, with major tech stocks such as Apple ($AAPL) and Amazon ($AMZN) experiencing significant declines.
Meanwhile, the energy sector saw a boost as oil prices surged due to supply chain disruptions. ExxonMobil ($XOM) and Chevron ($CVX) were among the top gainers, with their stocks rising by 2% and 1.5%, respectively.
The job market also showed signs of resilience, with the unemployment rate holding steady at 3.5%. This has led to optimism about the overall health of the economy, despite the current market volatility.
In other news, the housing market continues to struggle, with new home sales dropping by 12% in July. This decline is attributed to rising mortgage rates and decreased affordability.
As the market continues to navigate these challenges, investors are advised to remain cautious and closely monitor economic indicators for signs of stability.
Original Article: https://www.cnbc.com/2024/08/20/stock-market-today-live-updates.html
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