The merrymaking and the parties on Wall Street turned somber last week as investors digested the Federal Reserve’s hawkish surprise. Market sentiment soured, triggering the year’s biggest market rout on Wednesday as policymakers signaled fewer rate cuts next year than anticipated.
The S&P 500 plunged by three percent in its worst decline since August, while the Nasdaq Composite tumbled by 3.6 percent, erasing two weeks of gains. The Dow Jones Industrial Average extended its losing streak to 10 consecutive days – the longest since the 1970s – tumbling by 2.6 percent as investors fled risk assets.
Powell delivered Scrooge
The market wanted Santa, but Powell delivered Scrooge. While the Fed delivered its anticipated quarter-point cut, the surprise came in the dot plot – showing only two rate reductions planned for 2025.
This is a stark downgrade from September’s projection of four. Fourteen of 19 Federal Open Market Committee (FOMC) officials aligned behind this more restrictive outlook, leaving just five members forecasting a deeper easing cycle.
Tech sector leads market decline
Denne historien er fra December 23, 2024-utgaven av The Philippine Star.
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Denne historien er fra December 23, 2024-utgaven av The Philippine Star.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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ART'S HEROES AND ZEROES
2024's defining moments in art and history.
FAMILY TAPESTRIES
In my senior year of college, I was assigned to read, for a memory studies class, the memoir Subversive Lives, a generational portrait of the Marcos dictatorship years written by the Quimpo siblings.
The family Christmas tradition in Baguio
Two weeks ago, our family went on our annual Christmas trip to Baguio from Dec. 12 to 15.
Ateneo Art Gallery presents PKL Prize winners and unveils return exhibition of the Ateneo Art Awards 2024
The Ateneo Art Gallery (AAG) announced this year's winning writers for the Ateneo Art Awards 2024 Purita Kalaw-Ledesma (PKL) Prizes in Art Criticism during the Awarding Ceremony held Nov. 24.
MMFF PRODUCERS HOPEFUL FOR AUDIENCE SUPPORT
EVERY YEAR, THE METRO Manila Film Festival (MMFF) provides one of the biggest platforms for Filipino films to take the spotlight. However, not all films are created equal in the eyes of cinemas and audiences.
Take it from Kim Chiu: Celebrate the small wins
Kim Chiu is known to her legion of fans and in the local tinseltown as the \"Pinoy Big Brother: Teen\" housemate and big winner, The Chinita Princess, and the Kapamilya performer and actress.
Nomura: BSP likely to deliver three rate cuts in early 2025
Bangko Sentral ng Pilipinas (BSP) likely implement a series of 25-basis-point (bps) rate cuts during its first three meetings in 2025, Nomura Global Markets Research said.
ACMobility takes over EV charger locator
The automotive unit of the Ayala Group has acquired a startup that promotes the shift to electric vehicles by pointing drivers to the nearest charging station wherever in the Philippines.
Holiday exodus
The Christmas and New Year holiday exodus out of the city began over the weekend and will likely last until the first week of January.
ADB OKs $500-M loan for employment recovery
The Asian Development Bank (ADB) has approved a $500-million loan to the Philippines to support employment recovery through skills training and prepare the workforce for changing industry needs.
