How did the fed outlook affect markets?
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World Market News: How has the Fed outlook affected stocks?
Stocks fell in early trading as sentiment turned cautious after Federal Reserve officials are set to continue hiking rates.
U.S. stocks opened lower and government-bond yields climbed Friday, as investor sentiment was controlled by the Feds’ upcoming decisions.
The S&P 500 dropped 0.6% shortly after the opening bell, a day after the benchmark index slightly increased. The Dow Jones Industrial Average dipped 0.5% while the Nasdaq Composite declined 0.9%.
Despite the week’s events, many investors and traders are hoping for a bounce back!
Treasury yields climbed
The 2-year-Treasury yield, which is the most sensitive to policy changes, increased 8 basis points!
Now, more on how stock futures were faring this week.
Stock Futures
Stock futures ended the S&P’s winning streak!
Futures for the S&P 500 fell 0.85% on Friday, while those tied to the Dow Jones Industrial Average dipped 0.62% as Nasdaq 100 futures tumbled 1.06%.
After Stock futures were lower on Friday, the S&P 500 was unfortunately unable to continue another positive week.
Source: Reuters
GCC Market News: Saudi Arabia is making headlines again!
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Saudi Aramco News
The Saudi oil giant has broken its own record after reporting $48.4 billion in profits for the 2nd second quarter of 2022, which featured a 90% year-on-year increase.
The world's largest oil exporter's financial results were impressive and undoubtedly influenced by high energy prices and production.
KSA and Uzbekistan ink agreement
Saudi Arabia signed 13 agreements in the energy field worth $12 billion on Wednesday with Uzbekistan.
The inking of the agreements came right after the Saudi-Uzbek Business Council was held in Jeddah. A joint statement was then issued following talks with the Crown Prince in Jeddah and Uzbekistan president regarding the agreements that were signed and memoranda of understanding.
Source: Arabian Business
Weird Financial News: The importance of patience in the market
Did you know that Ronald Wayne, the third co-founder of Apple, sold his 10% share of the company in 1976 for only $800?!
If Ronald had waited for some time, the 10% would have been worth $35 billion today!
If that isn't an important lesson about the importance of patience in the market, we don't know what is!
Source:globalnews.ca
Things to look out for: Cryptocurrencies, Fed hikes, and the European energy crisis
Cryptocurrencies ended the week on a negative note
Bitcoin’s price tumbled on Friday to its lowest level in more than three weeks at below $22,000 during a surprising crypto sell-off in early European trading.
It’s worth mentioning that the world’s most popular digital coin went above and beyond the 25,000 level for the first time since June after a spike in U.S. stocks.
Other cryptocurrencies also went back, with the likes of Binance Coin, Cardano, and Solana declining. However, the reason for the drop was unclear!
What about Fed Hikes?
We’re probably not finished with the hikes anytime soon!
According to the this crypto analyst, Simon Peters, “US equity markets have pulled back since Wednesday’s release of the July Fed meeting minutes, the key takeaway being that the Fed likely won’t be finished with rate hikes until inflation is tamed across the board, with no guidance offered on future rate increases either.”
More on the European energy crisis
After benchmark prices for European natural gas continued to increase this Thursday, reaching 10 times higher than usual for this time of year. Experts are weighing in on the energy situation in Europe!
The deepening energy crisis in Europe is set to ignite a series of economic contractions, according to some experts. The crisis is believed to be exacerbated by the heat wave and cuts to Russia’s gas.
Let’s hope next week’s market news is more on the positive end of the spectrum!
Source: cnbc