The U.S stocks performance declined as Dow Jones is facing its worst week performance since January 2021.
- The latest Fed’s policy update led to sell-off of bank shares in the U.S. market. The blue-chip shares dipped by 400 points, leading to a weekly loss of 2.8%.
- The S&P 500 also dipped by 0.8% increasing the weekly loss to over 1%. Nasdaq Composite also dipped by 0.5% as tech stocks also suffered a slight decline.
- Sectors highly sensitive to the economic recovery led the market sell-off for the week. Energy sector and industrials fell by 4% as financials and materials declined by more than 5%.
The Fed added two proposed rate and inflation rate increases on its 2023 projections causing the market to slide. The actions led to sudden flattening of the Treasury yield curve, hurting the bank stocks.
DJI dips -1.28%, S&P 500 slides -0.82%, Nasdaq Composite drops -0.39%.
Source: CNBC News.
