Investors Mull Over Latest From Fed as Stocks Settle Lower

The Dow rose as much as 300 points during its session highs

Digital Content Manager
Nov 2, 2022 at 4:26 PM
facebook X logo linkedin

Stocks went wild following a highly anticipated rate hike decision from the Federal Reserve, with the Dow surging more than 300 points before settling with a 505-point drop. The S&P 500 and Nasdaq, meanwhile, settled with more than 2% losses. As expected, the central bank lifted interest rates by 75 basis points, marking its fourth-consecutive rate hike and highest level since 2008, in an attempt to beat back rising inflation levels.

However, new comments from the Fed saying it will "take into account" the ways in which tightened monetary policy affects the health of the economy read to some as a promise that this string of rate hikes will soon slow. Jerome Powell quickly dampened some of this optimism, though, noting that "we still have some ways to go" and that "the ultimate level of interest rates will be higher than previously expected." 

Continue reading for more on today's market, including:

  • A pre-earnings look at eBay stock
  • This bank giant could see a strong November. 
  • Plus, AYI on the rise; MTCH notes subscriber surge; and CAKE crumbles.

The Dow Jones Average (DJI - 32,147.76) dropped 505.4 points, or 1.6% for the day. Boeing (BA) led the gainers, adding 2.8%, while Salesforce (CRM) paced the laggards with an 6.1% loss.

The S&P 500 Index (SPX - 3,759.69) shed 96.4 points, or 2.5% for the day. The Nasdaq Composite (IXIC - 10,524.80) fell 366.1 points, or 3.4% for the session.

Lastly, the Cboe Volatility Index (VIX - 25.86) gained 0.05 point, or 0.2% for the session.

Closing Summary 1102

NYSE Nasdaq 1102

5 Things to Know Today 

  1. The pilots' union at American Airlines (AAL) turned down a new labor deal in a 15-5 vote, just one day after United Airlines (UAL) pilots rejected a potential agreement amid labor talks between major U.S. airlines and their unions. (CNBC)
  2. CVS Health (CVS) and Walgreens Boots Alliance (WBA) have agreed to pay roughly $13.8 billion to settle thousands of opioid claims in the U.S. (Reuters)
  3. How Acuity Brands stock cleared a key trendline. 
  4. This dating app giant saw a surge in paid subscriptions last quarter. 
  5. What burnt Cheesecake Factory stock after earnings.

Earnings 1102

UVOL 1102

Oil Prices Hit 3-Week High as Supplies Drop

Oil prices hit their highest level since Oct. 10 after the Energy Information Administration (EIA) reported a weekly drop in U.S. crude and gas inventories, while recent news that Iran could have plans to attack Saudi Arabia also boosted prices. December-dated crude popped $1.63, or 1.8%, to finish at $90 per barrel.

Gold prices eked out a win today, following the Fed's rate hike news. December-dated gold added 30 cents, to settle at $1,650 an ounce.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI