{"id":28672,"date":"2023-06-28T11:26:40","date_gmt":"2023-06-28T15:26:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-falls-150-points-as-powell-says-hikes-at-consecutive-meetings-are-possible\/"},"modified":"2023-06-28T11:26:42","modified_gmt":"2023-06-28T15:26:42","slug":"dow-falls-150-points-as-powell-says-hikes-at-consecutive-meetings-are-possible","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28672","title":{"rendered":"Dow falls 150 points, as Powell says hikes at consecutive meetings are possible"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002221633\" role=\"document\">\n<p>U.S. stocks opened lower on Wednesday, led by the technology sector after a report that Washington will issue a new ban on exports of AI related products to China, while investors were also monitoring comments by Federal Reserve Chair Powell at an ECB conference in Portugal. <\/p>\n<h2>How are stocks trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"negative\">-0.42%<\/bg-quote><br \/>\n       lost 108 points, or 0.3% to 33,815<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.11%<\/bg-quote><br \/>\n       dipped 13.8 points, or 0.3% to 4,365<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+0.17%<\/bg-quote><br \/>\n       fell 32 points, or 0.2% to 13,523<\/p>\n<\/li>\n<\/ul>\n<p>On Tuesday, the Dow Jones Industrial Average rose 212 points, or 0.63%, to 33927, the S&amp;P 500 increased 50 points, or 1.15%, to 4378, and the Nasdaq Composite gained 220 points, or 1.65%, to 13556.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Nasdaq futures were leading early declines following a report that the Biden administration is considering a new ban on sales of AI chips to China.<\/p>\n<p>The dip in the tech-heavy index dented the latest rally, which came after traders on Tuesday welcomed some upbeat U.S. data on durable-goods orders, home sales, and consumer confidence, analysts noted. <\/p>\n<p>\u201cThe rebound has been clipped a bit overnight\u201d after the AI chip ban report, said Jim Reid, strategist at Deutsche Bank. <\/p>\n<p>\u201cNvidia, which makes 20% of its revenues in China, has produced lower-end chips that don\u2019t require an external export licence. However, the article suggests that even these may be included going forward. Nvidia and AMD are both down over 3% after hours, with China AI-related stocks slumping more,\u201d Reid added.<\/p>\n<p>Nvidia<br \/>\n        NVDA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200467500\/composite\" class=\"negative\">-1.07%<\/bg-quote><br \/>\n       stock was down 1.9% Wednesday, and Advanced Micro Devices<br \/>\n        AMD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208144392\/composite\" class=\"positive\">+0.07%<\/bg-quote><span>,<\/span><br \/>\n       another AI chip maker, dropped 1.3%.<\/p>\n<p>In U.S. economic data, the trade deficit in goods narrowed 6% in May due to lower oil prices and less demand among consumers for imports, perhaps a sign of a softer U.S. economy. The trade gap in goods declined to $91.1 billion from a six-month high of $97.1 billion in April, the Census Bureau said. U.S. advanced retail inventories in May jumped 0.8%, while U.S. advanced wholesale inventories in May drop 0.1%. <\/p>\n<p>Traders were also will be keeping an eye on Sintra in Portugal, where the European Central Bank is holding its annual forum on central banking, including at 2:30 p.m. BST (9:30 a.m. Eastern time) a panel containing Jay Powell, the Federal Reserve chair, alongside the heads of the U.K., eurozone and Japan central banks. <\/p>\n<p>Investors remain wary of the prospects for higher borrowing costs as monetary guardians continue to battle stubborn inflationary pressures, so any comments on that topic, particularly from Powell, may color the market\u2019s mood.<\/p>\n<p>However, Mark Newton, head of technical strategy at Fundstrat reckons recent market action portends further gains.<\/p>\n<p>\u201cTuesday\u2019s rally back to multi-day highs looked important and positive in having halted the recent decline in its tracks. Following five days lower out of the past six, SPX [S&amp;P 500] managed to rally sharply enough to recoup nearly 50% of the entire pullback since mid-June highs,\u201d wrote Newton in a note.<\/p>\n<p>\u201cAs discussed in recent days, the lack of severe downside breadth on recent weakness was thought to be encouraging, and a few days of large-cap technology weakness largely camouflaged market performance, as many sectors performed quite well throughout last week. Going forward, I view Tuesday\u2019s strong gains as having been constructive, and should lift SPX back to test and exceed mid-June highs, which could help prices surpass SPX-4500,\u201d Newton added.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>General Mills<\/strong><br \/>\n        GIS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206659526\/composite\" class=\"negative\">-4.71%<\/bg-quote><span>Inc.\u2019s<\/span><br \/>\n       stock slid 4.9% Wednesday, after the parent of brands including Cheerios, Nature Valley, Blue Buffalo pet products and Pillsbury, posted a steep decline in profit and weaker-than-expected sales for its fiscal fourth quarter.<\/p>\n<\/li>\n<\/ul>\n<ul class=\"articleList\">\n<li>\n      Shares of <strong>Mullen Automotive Inc.<\/strong><br \/>\n        MULN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204868203\/composite\" class=\"negative\">-15.64%<\/bg-quote><br \/>\n       sank 15% Wednesday. The continued selloff comes even after the company said Tuesday that it received an additional $100 million in funding from certain investors, which leaves the company with more than $235 million in cash and cash equivalents on its balance sheet.\u00a0<\/p>\n<\/li>\n<li>\n      <strong>Roivant Sciences Ltd.<\/strong>\u00a0<br \/>\n        ROIV,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222990641\/composite\" class=\"positive\">+3.54%<\/bg-quote><br \/>\n       shares went up 1.9% after the company said Wednesday it had a net loss of $33.6 million, or 20 cents a share, for its fiscal fourth quarter to March 31, narrower than the loss of $270.1 million, o4 39 cent a share, in the year-earlier period.<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-fall-after-report-of-fresh-chips-to-china-ban-hits-nvidia-and-other-ai-players-5940863d?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks opened lower on Wednesday, led by the technology sector after a report that Washington will issue a new ban on exports of AI related products to China, while investors were also monitoring comments by Federal Reserve Chair Powell at an ECB conference in Portugal. How are stocks trading The Dow Jones Industrial Average [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":28673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-28672","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow falls 150 points, as Powell says hikes at consecutive meetings are possible | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks opened lower on Wednesday, led by the technology sector after a report that Washington will issue a new ban on exports of AI related products\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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