New York Stock Market: The Dow Closes 313.45 Points | RYT9

The Dow Jones Industrial Average closed up more than 300 points on Tuesday (September 20) as investors worried that the Federal Reserve will raise another big interest rate at its meeting due in the day The market is also under pressure by signs that large US companies are hit hard by inflation.

The Dow Jones Industrial Average closed at 30,706.23, down 313.45, or -1.01%, the S&P500 closed at 3,855.93, down 43.96, or -1.13%, and the Nasdaq closed at 11,425.05, down 10,97% or -109%.

Investors are keeping an eye on the outcome of the Fed meeting, which will be released today US time. or tomorrow morning Thai time including Fed policy interest rate forecast (Dot Plot) and economic forecasts, inflation. and the unemployment rate, which the Fed committee will reveal after the meeting.

According to a survey conducted by CNBC, US stock market analysts expect the Fed to raise interest rates by 0.75% at this meeting. And the Fed will continue to raise interest rates until it hits 4.26 percent in March 2023. The Fed is expected to keep rates at that level for nearly 11 months, the average analyst had expected the Fed to keep interest rates unchanged for three months to two years.

In addition, analysts expect a 52 percent chance that the US economy will face a recession over the next 12 months. Because the Fed’s use of monetary policy is too tight. And it is expected that the Fed may take several more years. before it managed to keep inflation below the 2% target.

The share price fell in all groups. led by real estate stocks The group was hit hard by rising interest rates, with Jones Lang LaSalle down 2.51% and Armada Hoffer Properties down 3.16 percent.

Ford Motor shares fell 12.32 percent, their worst one-day decline since 2011, after the company revealed an inflationary impact of up to $1 billion. which is higher than expected at the beginning And he revealed that the company had to delay the delivery of some cars to the fourth quarter of this year due to a shortage of car parts.

The news has also dragged down the shares of rival car company Ford. That includes General Motors shares, down 5.6 percent.

Nike shares fell 4.47 percent after Barclays analysts downgraded Nike to “Equal Weight” from “Overweight”, citing the impact of China’s measures. Lockdown to control the spread of COVID-19

US clothing retailer Gap fell 3.26 percent after the company announced 500 layoffs and canceled its annual earnings forecast. Due to the slowdown in sales and more stock in stock

For US economic data reported last night. The US Commerce Department said home construction starts jumped 12.2 percent in August to 1.575 million, the highest level in two months, from 1.404 million in July.

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