Jerome Powell said the central bank is "very far" from taming inflation
Federal Reserve Chair Jerome Powell's latest comments are dragging down sentiment on Wall Street. In prepared remarks for two appearances this week, Powell said that interest rates may need to move higher for longer, and emphasized that the central bank is "very far" from getting inflation under control. In response, the Dow Jones Industrial Average (DJI) is down 330 points, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) sit deep in the red as well.
Continue reading for more on today's market, including:
- FAANG giant announces even more job cuts.
- This sporting goods stock just hit an all-time high.
- Plus, SNAP extending rally; Sea's earnings report; and 1 stock jumping exchanges.
Snap Inc (NYSE:SNAP) is 5.3% higher to trade at $12.28 this afternoon, and seeing high options volume. So far, 209,000 calls and 105,000 puts have been traded, which is five times the intraday average amount. Most popular by far is the weekly 3/10 12-strike call, where new positions are being opened. Snap stock is enjoying tailwinds as U.S. lawmakers prepare legislations that would grant President Joe Biden the power to ban competitor TikTok. Already up 16.6% this week, SNAP now boasts a 38.8% year-to-date lead.
Sea Ltd (NYSE:SE) is trading near the top of the New York Stock Exchange (NYSE) after the company's fourth-quarter earnings and revenue beat Wall street's expectations. The shares were last seen up 15.4% to trade at $75.85, and earlier hit a roughly seven-month high of $77.91. Year-to-date, SE is up 41.6%.
Meanwhile, Ambrx Biopharma Inc (NYSE:AMAM) is down 21% at $9.91 and trading near the bottom of the NYSE, after the company announced it will transfer its stock exchange listing to the Nasdaq, effective March 16. Over the last three months, AMAM has added more nearly 1,850%.