Wall Street followed global markets lower early Thursday as countries around the world cranked up interest rates one day after Federal Reserve Chair Jerome Powell told Congress he believes inflation still isn’t under control. The S&P 500 was down 0.3% shortly after the opening bell. The Nasdaq was off 0.2% and the Dow fell 91 points, or 0.3%. European markets were lower after the Bank of England raised its main interest rate by a half a percentage point to a 15-year high of 5%. Banks in Norway, Switzerland and Turkey also raised borrowing rates to combat inflation.
Wall Street followed global markets lower early Thursday as countries around the world cranked up interest rates one day after Federal Reserve Chair Jerome Powell told Congress he believes inflation still isn’t under control.
Futures for the Dow Jones industrials and the S&P 500 each slipped 0.3% before the bell.
Powell told lawmakers in the House of Representatives Wednesday that “the process of getting inflation back down to 2% has a long way to go.” He reiterated that a couple more rate increases may be on the way, though the speed of the hikes is likely to slow after moving at a furious pace since early 2022.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
King is back in his territory: Shastri backs Kohli to beat slump in Australia
Former Team India coach Ravi Shastri feels star batter will return to form during Test series Down Under
India aim to overcome KL Rahul's injury scare ahead of BGT series
Star batter KL Rahul was forced to retire hurt after being hit by a rising delivery from Prasidh Krishna during the team's intra-squad match simulation at the WACA in Perth on Friday.
Bengal coach Shukla hails pacer Shami's 'fairy tale' return to competitive cricket
Bengal coach Laxmi Ratan Shukla was amazed at the seamless return of star quick Mohammed Shami in competitive cricket after nearly 12 months and believed that the experienced right-armer would only get better as he got more cricket under his belt.
Pant bowled twice, no signs of discomfort by Kohli
India's intra-squad match simulation provided a mix of positives and concerns ahead of the Border-Gavaskar series opener against Australia in Perth.
World Cup qualifiers: Argentina lose to Paraguay, Brazil stumble in Venezuela
Reigning champions and five-time winners suffer shock reversals to leave South American qualifying group wide open
No regrets about leaving Man United, says Scott McTominay
Scott McTominay, the defensive midfielder who has been with Manchester United since the age of five, left his boyhood club for Napoli in a move reported to be worth 27.5 million Pounds.
PKL Season 11: Pressure is nothing but talk, asserts Dabang Delhi star Ashu Malik after strong start to second leg
Fresh off becoming the first raider to complete 100 raid points in PKL Season 11, Dabang Delhi K.C.'s star raider Ashu Malik shared insights into his remarkable journey and mindset.
Prajnesh Gunneswaran hangs up his racquet, announces retirement
Indian tennis player Prajnesh Gunneswaran, who once reached a career-high ATP ranking of No. 75, announced his retirement from professional tennis on Friday.
India vs Malaysia preview: Blue Tigers face big challenge, eye positive end to 2024
The India-Malaysia football rivalry goes a long way back.
Van Nistelrooy bids emotional farewell to Manchester United
Dutch football legend Ruud Van Nistelrooy, Manchester United's interim head coach who has now departed from the club upon the arrival of Ruben Amorim, took to social media on Friday to thank the club for giving him the opportunity.