Sunday, October 1, 2023

Wall Street collapses, investors take refuge from the Fed’s decision – 09/19/2023 at 20:29

(To watch a Reuters live blog on the US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Maplebear shares soar for the first time * Disney falls after doubling its investment plan in natural parks * Canadian inflation jumps due to rising gasoline prices * Indices down: Dow 0.81%, S&P 0.73%, Nasdaq 0.87% (Mise (updated 14:10 ET, reference date added NEW YORK) by Stephen Culp NEW YORK, Sept 19 (Reuters) – Wall Street slowed on Tuesday, with risk sentiment weighing as the U.S. Federal Reserve United meets for its highly anticipated two-day monetary policy meeting. All three indexes fell in a broad sell-off ahead of the Federal Reserve’s announcement on Wednesday, with interest rate-sensitive majors led by AMZN. O and Nvidia Corp NVDA.O dragging the Nasdaq into its most significant decline. Market participants adjusted their positions ahead of the central bank’s expected announcement, which is expected to result in a decision to leave key interest rates unchanged. “Increased coverage plays an underappreciated role in the price action we are seeing today,” said Michael Green, chief strategist at Simplify Asset Management in Philadelphia. The Federal Reserve is also scheduled to release its summary of economic projections, including its dot chart, which is expected to provide a SURVEY of the Federal Open Markets Committee’s projected path for interest rates, inflation and economic growth. “What the market is pricing in is a pause, but also a higher risk that rates will stay high for longer,” Green added. “If (the Federal Reserve) announced that it would eliminate rate cuts in 2024 by raising the dashed chart, this would generally be considered a very optimistic pause. Financial markets have priced in an almost certain 99% probability that the central bank will allow its main federal funds rate target at 5.25%-5.00% on Wednesday, and an increasing 70.9% chance it won’t move at its next meeting in November, according to CME’s FedWatch tool. On the economic front, a jump (link) in the annual inflation rate in Canada due to rising gasoline prices and a larger-than-expected drop (link) in housing construction in the United States have helped fuel uncertainty. investors. The languishing IPO market continues to show signs of life, with grocery delivery app Instacart. Parent company Mapplebear Inc CART.O debuted on the Nasdaq, a few days after the chipmaker’s notable entry Arm Holdings ARM.O on the public market last week. Maplebear shares rose 27.9%

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