Dow falls 260 points after Fed signals 2 rate hikes in 2023
17 Jun 2021 | SET News
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Dow falls 260 points after Fed signals 2 rate hikes in 2023
U.S. stocks dropped Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will next hike interest rates.
The Dow Jones Industrial Average closed down 265.66 points, or 0.8%, at 34,033.67. The blue-chip average turned sharply lower after the Fed’s statement, falling as much as 382 points. The S&P 500 dipped 0.5% to 4,223.70, dragged down by utilities and consumer staples. The broad equity benchmark dropped as much as 1% in volatile trading as all 11 sectors fell into the red at one point. The Nasdaq Composite dipped 0.2% to 14,039.68 after retreating 1.2% at its session low.
The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after signaling in March that it saw no increases until beyond that year.
U.S. stock futures dip slightly after Fed forecasts rate hikes in 2023
Stock futures dipped slightly in overnight trading after the Federal Reserve raised inflation expectations and forecast rate hikes as early as 2023.
Futures on the Dow Jones Industrial Average fell 59 points, or 0.17%. S&P 500 futures edged 0.27% lower and Nasdaq 100 futures shed 0.43%.
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