Nasdaq Down Triple Digits as Fed Fatigue Deepens

Investors are brushing off hopes that rate hikes will soon slow

Digital Content Manager
Nov 3, 2022 at 4:26 PM
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Markets fell lower on Thursday, with the Dow ending the day down 146 points, while the S&P 500 saw a more than 1% drop, and the Nasdaq suffered another triple-digit haircut. The Fed quickly put to bed any hopeful readings of yesterday's commentary. The central bank followed up on yesterday's rate hike by making it clear there would be more to come. 

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

  • Checking in with DoorDash stock ahead of earnings. 
  • Peloton's quarterly losses were even worse than analysts expected. 
  • Plus, options traders blast GME; Crown Holdings stock pops; and Etsy shares an earnings beat.

The Dow Jones Average (DJI - 32,001.25) dropped 146.5 points, or 0.5% for the day. Boeing (BA) led the gainers, adding 6.3%, while Apple (AAPL) paced the laggards with a 4.2% loss.

The S&P 500 Index (SPX - 3,719.89) shed 39.8 points, or 1.1% for the day. The Nasdaq Composite (IXIC - 10,342.94) fell 181.9 points, or 1.7% for the session.

Lastly, the Cboe Volatility Index (VIX - 25.30) lost 0.6 point, or 2.2% for the session.



5 Things to Know Today 

  1. Data from Russia's Ministry of Economic Development showed yet another contraction in September, amid news that the country has reentered the Black Sea grain initiative. (CNBC)
  2. Jay Mazini, an Instagram influencer whose real name is Jebara Igbara, has pled guilty to stealing over $8 million from thousands of people in a Ponzi scheme and cryptocurrency scam. (MarketWatch)
  3. Is GameStop stock finally powering down?
  4. Carl Ichan just upped his stake in Crown Holdings. 
  5. Etsy's revenue beat attracted attention from options players and analysts. 



Gold Hits 2 1/2-Year Low as Dollar Strengthens 

Oil prices fell from three-week highs today as economic recession fears weighed on the commodity once more. December-dated crude lost $1.83, or 2%, to finish at $88.17 per barrel.

A strong U.S. dollar weighed heavily on gold, which fell to its lowest level since April 2020. December-dated gold shed $19.10, or 1.2%,to settle at $1,630.90 an ounce.


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