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The Dow Jones Industrial Average closed down 506.51 points, or 0.97%, at 51,493.16 on Wednesday, June 17; the S&P 500 closed down 91.22 points, or 1.21%, at 7,420.13; and the Nasdaq Composite closed down 354.69 points, or 1.34%, at 26,021.66 on Wednesday, June 17.June 18th - On Wednesday, following a hawkish Federal Reserve meeting, the three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.97%, the S&P 500 fell 1.2%, and the Nasdaq Composite fell 1.3%. SpaceX (SPCX.O) closed down 5%, Nvidia (NVDA.O) fell 1%, and Western Digital (WDC.O) rose 4%. The Nasdaq China Golden Dragon Index closed down 1.1%, and Li Auto (LI.O) fell 3%.Apple (AAPL.O) is preparing to release the second-generation iPhone Air in the spring of 2027. The iPhone Air prototype will feature a second rear camera and an upgraded battery.June 18th – Warshs first press conference as Federal Reserve Chairman officially concluded, during which he previewed a series of reforms to be implemented at the Fed. One significant change is the establishment of several special working groups to explore more open data collection methods and study how to improve the Feds existing statistical indicator system. During the press conference, Warsh repeatedly emphasized that he would not provide any forward guidance and avoided all questions regarding the future path of interest rates. Furthermore, he did not submit his personal interest rate forecasts in this dot plot and stated that he would not comment on any price fluctuations that occurred in the market during the press conference. Overall, the core message conveyed by Warshs first press conference was: reduce policy guidance to the market, downplay pre-commitments to the interest rate path, and focus more on reforming the Feds systems, data structures, and communication framework.The market has fully priced in two Fed rate hikes by the end of the first quarter of 2027.

Asian Shares Fall As Investors Analyze ECB Decisions

Charlie Brooks

Jun 10, 2022 11:14

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Asia-Pacific equities were predominantly lower on Friday morning. Ahead of U.S. inflation statistics, investors are analyzing the European Central Bank's signals for potential interest rate hikes.


At 10:49 PM ET (2:49 AM GMT), the Nikkei 225 was down 1.41 percent, and the KOSPI was down 1.08 percent.


In Australia, the ASX 200 index declined 0.99%.


The Hang Seng Index in Hong Kong fell 0.89 percent.


As a result of the Chinese government's response to a Bloomberg article, the sub-index for Hong Kong-listed IT giants opened 2.9 percent lower. Alibaba (NYSE:BABA) Group Holding Ltd.'s U.S.-listed shares plummeted after the China Securities Regulatory Commission dismissed a Bloomberg report that it was exploring a listing resurrection for the fintech company.


The Shanghai Composite rose 0.10 percent, but the Shenzhen Component rose 0.02 percent.


China's manufacturing factory-gate inflation slowed to its worst pace in 14 months in May, according to previously released data. In May, the producer pricing index (PPI) increased by 6.4% annually, compared to an increase of 8% in April. The reading was the lowest since March 2021. The cooling could be attributable to decreased demand for steel, aluminum, and other industrial commodities as a result of COVID-19-related production disruptions.


Meanwhile, the consumer price index (CPI) increased 2.1% annually.


The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point increase in interest rates in July and a larger increase in the fall if inflation remains high. Inflation in the eurozone has already surpassed 8 percent.


Short-term U.S. Treasury rates are near all-time highs for 2022 due to a selloff in the euro-area bond market in response to ECB rate rise indications.


The ECB also announced that net asset purchases will halt on July 1, 2022.


Now, investors have moved their attention to U.S. inflation data, due later in the day, for additional hints on the course of interest rate hikes by the U.S. Federal Reserve.


Bloomberg quoted Charles Schwab (NYSE:SCHW) & Co.'s chief financial strategist Liz Ann Sonders as saying, "We've reestablished the inverse relationship between bond rates and stock prices."


"There is a little more discussion, or whispering, about the CPI being a touch above forecasts. Add to that the ECB's more hawkish posture, and you get another bad day."


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