The Dow Jones falls more than 100 points as investors focus on the performance of listed companies. Including statements from Federal Reserve (Fed) officials to assess the direction of US interest rates.
As of 9:44 pm Thai time, the Dow Jones Industrial Average was 33,671.10 points, plus 124.78 points or 0.37%.
Energy stocks were the only ones to fall today. Although the price of oil has fallen in the global market. Amid concerns about oil demand in China and accelerating interest rate hikes by the US Federal Reserve (Fed) to curb inflation.
St Louis Fed President James Bullard said that interest rates are currently not in a range that is considered tight enough.
“Although the Fed has raised interest rates to a range of 3.75-4.00% this year, it is still below what the Fed considers to be tightening enough to bring inflation back to its target of 2%. That’s 5-7% effective on tight control of levels,” said Mr Bullard.
Kansas City Fed President Esther George said: The Fed may have to shrink the economy to slow inflation. Although the labor market is still tight.
Markets are keeping an eye on the minutes of the November 1-2 Federal Open Market Committee (FOMC) meeting, which will be released on November 23, for an indication of the Fed’s interest rate direction.