The NYSE fell as Federal Reserve Chairman Jerome Powell left open the possibility of aggressive austerity.
The Standard & Poor’s 500 index closed at 4,461.18, fell ▽1.94 points (-0.04%) from the previous day on the New York Stock Exchange (NYSE) on the 21st (Eastern Time).
The NASDAQ 100 index closed at 14,376.09, down 43.99 points (-0.31%) from the previous day.
The tech-oriented NASDAQ Composite Index closed at 13,838.46, down ▽55.38 points (-0.4%) from the previous day.
The Dow Jones Industrial Index closed at 34,552.99, down ▽201.94 points (-0.58%) from the previous day.
The Russell 2000 index, which reflects small and medium-sized stocks, closed at 2,056.46, down ▽29.68 points (-1.42%) from the previous day.
The CBOE VIX volatility index closed at 23.53, down ▽0.34 points (-1.42%) from the previous day..
Investors’ vigilance grew at the beginning of the week as the three major indexes recorded the largest share price increase since November 2020.
Investors noted Fed Chairman Jerome Powell’s speech and the war between Russia and Ukraine.
Powell said at the NABE conference that the Fed should move “quickly” to curb high inflation, adding that interest rates could be raised to 50bp at one or more meetings if necessary.
Powell’s remarks came after the Fed raised its key interest rate by 25bp for the first time since 2018.
Powell’s remarks led to a sharp rise in 10-year government bond rates, which greatly expanded the stock market’s fall, but made up for some of the fall just before the market closed.
Powell also left open the possibility of raising interest rates above the neutral level.
Apple’s stock price rose 0.8 percent despite news that services such as App Store, Apple Music, and iCloud were temporarily suspended in some parts of the U.S.
Energy-related stocks in the S&P 500 index rose more than 3%, the biggest increase. On the other hand, stocks related to voluntary consumer goods, telecommunications, real estate, technology, and finance fell, while stocks related to materials (materials), utilities and industries rose.
Experts on the NYSE said last week’s sharp rise in stock prices could lead to a breathtaking trend this week instead of the fall actually happened after statement from Powell.
