Sep 26, 2022, 09:50 AM ET
VOT Research Desk
Key Insights
The aggressive actions taken by the Federal Reserve will bring about a recession.
The Dow Jones Industrial Average was down 126 points, or 0.4 percent, at 9:43 ET (13:43 GMT), while the S&P 500 was up 0.1 percent and the NASDAQ Composite was up 0.5 percent.
The Federal Reserve indicated last week that, contrary to expectations, interest rates may remain high into the following year. That information sent the three stock indexes plunging, and the Dow is about to enter a bear market, having fallen 20% from its most recent high. The Dow has lost 18% this year.
Markets here are also being shaken by developments overseas.
Over concerns regarding the government’s plan to cut taxes, the pound reached all-time lows in the United Kingdom, hovering around $1.038.Later in the day, the pound did begin to rise. The coalition led by far-right politician Giorgia Meloni was supported by Italian voters.
People fled to the borders in Russia as protests spread against the government’s decision to draft up to 300,000 reservists for its war in Ukraine.
After China said it would resume its e-visa program for mainland visitors to Macau and allow group tours there beginning in November, casino companies’ shares rose. NASDAQ: Wynn Resorts Limited MGM Resorts International (NYSE: WYNN) shares rose 11%,MGM) gained 3.7 percent, and Las Vegas Sands Corp.LVS) grew by 10.6%.
