The Dow dropped more than 300 points ahead of the Fed meeting and Tesla sinks while Pfizer and Moderna jumped by skleb1234
The Dow Jones Industrial Average fell 0.9%, over 300 points, while the S&P 500 lost 0.9% and the Nasdaq Composite 1.4%. hit last week, with the market recently bouncing back from a sell-off in late November when the Covid omicron variant was first identified as a “concern” by the WHO.
Investors may be somewhat spooked ahead of the upcoming Federal Reserve policy meeting, which concludes on Wednesday, as the central bank addresses last month’s record surge in consumer prices—the highest inflation reading in nearly 40 years. A majority of central bank officials—including Fed chair Jerome Powell—have recently suggested that the central bank may have to speed up the tapering of its $120 million monthly bond-buying program, which could mean future interest rate hikes sooner than expected.
Stocks tied to the reopening of the economy, including airlines and cruise lines, led the market lower on Monday, with shares of American Airlines and Carnival both falling around 5% each. Vaccine makers Moderna and Pfizer rose 5.8% and 4.6%, respectively, amid more positive news about existing vaccines and booster shots being effective against the omicron variant.“Stocks were under pressure as many investors began to fear a trading life without a Fed safety net,” explains Oanda senior market analyst Edward Moya. “A wrath of central bank rate decisions this week will likely show stocks will have to move higher without the help of central bankers.
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