{"id":62002,"date":"2023-09-17T04:12:23","date_gmt":"2023-09-17T08:12:23","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-slumps-nearly-300-points-fed-meeting-next\/"},"modified":"2023-09-17T04:12:27","modified_gmt":"2023-09-17T08:12:27","slug":"stock-market-today-dow-slumps-nearly-300-points-fed-meeting-next","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62002","title":{"rendered":"Stock market today: Dow slumps nearly 300 points; Fed meeting next"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — U.S. stocks accelerated their losses, closing lower on Friday after a week of mixed economic data as investors turn their attention to next week’s Federal Reserve interest rate decision.<\/p>\n

At 16:01 ET (20:01 GMT), the was down 288 points or 0.8% while the was down 1.2% and the was down 1.6%.<\/p>\n

The weakness reverses strong gains on Thursday, helped by the positive reaction to the debut of chip designer Arm <\/span><\/span> (NASDAQ:) after its listing.<\/p>\n

Arm\u2019s success could prompt more listings<\/strong><\/h2>\n

Arm Holdings stock soared almost 25% above its Nasdaq debut price on Thursday, boding\u00a0well for other deals already in the pipeline, including the debut of delivery platform Instacart as early as this month. Shares gave back some on Friday, falling 4.5%.<\/p>\n

The success of Arm’s listing could encourage other companies that have waited out volatile markets to take a dip in the IPO market.\u00a0About 150 companies are waiting to go public on the Nasdaq, a 40% increase from the same time last year, Reuters reported Friday, citing sources. Instacart filed updated information, including an IPO price range of $28 to $30 share, aiming for a valuation for Instacart of up to $10 billion.\u00a0<\/p>\n

Fed’s next meeting in view<\/strong><\/h2>\n

Investors have been digesting mixed economic data as the Federal Reserve heads into its next meeting just days away. The report on Thursday showed a resilient consumer heading into the holiday shopping season. But inflation was slightly elevated, especially considering higher fuel prices in August. And consumer confidence slipped in early September.<\/p>\n

Investors are turning their attention to next week’s Fed policy-setting meeting, looking for clues to help clarify the policy path ahead for both Fed officials and markets alike. Futures traders are largely expecting the Fed to keep rates steady after raising them at 11 of is past 12 meetings, though investors will be listening carefully to what Chair Jerome Powell says at his press conference for clues on Fed policy making for the rest of the year.<\/p>\n

The highlight of economic data on Friday was the preliminary September consumer sentiment reading from the . The reading was 67.7, lower than the 69.1 expected.<\/p>\n

Sentiment was boosted earlier Friday after Chinese increased by more than expected in August, and there was also a pick-up in .<\/p>\n

Auto stocks hold steady after union workers go on strike<\/strong><\/h2>\n

Members of the United Auto Workers have gone on strike at three major assembly plants for the first time ever after failed talks between the union and the so-called “Big Three” major carmakers on a new labor contract.<\/p>\n

The walkouts hit factories in Michigan, Ohio, and Missouri owned by General Motors (NYSE:), Ford Motor (NYSE:) and Jeep-maker Stellantis (NYSE:). But auto stocks were holding their own. Ford slipped less than 0.1% and GM was up 0.8%.<\/p>\n

The strike complicates the White House’s economic agenda, but President Joe Biden said Friday he hoped the union and Detroit’s big three auto makers will be able to reach “a win-win agreement.” White House economic adviser Gene Sperling and acting Labor Secretary Julie Su will go to Detroit “to offer their full support for the parties” in reaching a contract, Biden said.<\/p>\n

Separately, Planet Fitness (NYSE:) shares slumped 15.9% after the unexpected departure of the gym and fitness center operator’s CEO. The company said it has engaged an executive search firm to find a successor.<\/p>\n

Crude set for strong weekly gains<\/strong><\/h2>\n

Oil booked a third weekly gain, with trading above $90 per barrel the first time in 10 months on better-than-expected data from top importer China, as markets awaited the Fed\u2019s verdict on inflation.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — U.S. stocks accelerated their losses, closing lower on Friday after a week of mixed economic data as investors turn their attention to next week’s Federal Reserve interest rate decision. At 16:01 ET (20:01 GMT), the was down 288 points or 0.8% while the was down 1.2% and the was down 1.6%. […]<\/p>\n","protected":false},"author":1,"featured_media":7433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-62002","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nStock market today: Dow slumps nearly 300 points; Fed meeting next | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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