US Market Indexes' Losses Continue After Rate Announcement

Dianna Christensen
June 16, 2017

Options traders are eyeing a bigger-than-usual earnings move for Kroger stock tomorrow.

US stocks dipped Wednesday as investors anxious about weak retail sales and oil prices sank. A slide in technology stocks pulled down the Nasdaq Composite yesterday and the S&P 500 ended slightly lower, as investors anxious about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve.

The Federal cited continued United States economic growth and job market strength.

At 1532 BST, the Dow Jones Industrial Average was exactly flat at 21,329, while the S&P 500 was off by 0.08% to 2,438 and the Nasdaq Composite was lower by 0.04% at 6218.

The S&P 500 is up 193.63 points, or 8.6 percent.

"The kiss of death for tech stocks is negative GDP or a slowdown in the software and equipment component", said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta. In the a year ago, the index has gained 20.93%.

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Stocks continued to report losses following the Fed's announcement it will increase its federal funds rate and also reduce its balance sheet which will begin to slightly increase fixed-income product yields. "It seems they should be doing the opposite", said Robert Pavlik, chief market strategist at Boston Private Wealth.

After a record close yesterday, the Dow Jones Industrial Average (DJIA) dropped more than 100 points out of the gate, but stemmed its losses by the close. "Certainly more transparency is a good thing".

Mattel slumped 6.7 percent, falling for a second straight session after the company unveiled a turnaround strategy that included a big cut to the dividend to finance technology investment initiatives. Biogen's stock fell 3.1 per cent.

Advancing issues outnumbered decliners on the NYSE by 1,356 to 1,247.

About 7.1 billion shares changed hands in USA exchanges, above the 6.8 billion daily average over the last 20 sessions.

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