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
This story is from the December 23, 2024 edition of The Philippine Star.
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 December 23, 2024 edition of The Philippine Star.
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
Dani Barretto Is Setting the Best Example for Siblings and Mom Marjorie
They say fortune favors the bold and this 2025, Dani Barretto is entering the year with a bang!
MELAI CANTIVEROS ON BISAYA
MELAI CANTIVEROS ADMITTED THAT SHE WAS often teased because of her Bisaya accent, but she would just laugh it off.
Global boy group search 'Be the Next: 9 Dreamers' premieres on TV5
This February, the biggest K-pop stars and makers, together with the Kapatid network, will finally open the doors to \"Be the Next: 9 Dreamers,\" the global collaboration between MLD Entertainment PH and TV5.
Paolo Sandejas Sings About Saving LDR in a Happy, Hopeful Way
Singer-songwriter Paolo Sandejas has given his two cents on how to save a long-distance relationship, or LDR, in the single, manila to LA.
Jennifer Lopez Identifies With Real-Life Mom in 'Unstoppable' Film
Jennifer Lopez found herself in tears as the real-life mom Judy Robles, whom she portrayed in the sports drama film \"Unstoppable,\" showered her with compliments for her performance.
Oops, I Did It Again
Why do we keep making New Year's resolutions? Psychologists say it's about hope, a chance to wipe the slate clean, like pressing the reset button.
Why Such Devotion to the Black Nazarene?
The devotion to the Black Nazarene springs from a pre-colonial belief in miracles—that a fleeting touch can summon divine healing. The sight is humbling, almost otherworldly: a centuries-old statue of Christ, hewn in Mexico and darkened by the hands of time, borne on the shoulders of the faithful.
How to evacuate a 300-pound pig
As wildfires blazed through Los Angeles on Wednesday, Ellen Marie Bennett shared a plea with her Instagram followers: could someone, ideally someone with a spare trailer, help evacuate her roughly 300-pound potbellied pig?
IF ONLY YOU CAN FLY, DELTA ONE STYLE
I'm enjoying my fruit and cream croissant and bloom tea while aircraft spotting when someone walks up to me and says that my ride (a black Porsche Cayenne) is waiting downstairs.
Revisiting the CCP's mandates
The Cultural Center of the Philippines (CCP) recently celebrated the 55th anniversary of its inauguration.
