PARIS, Oct 21 (Reuters) – The New York Stock Exchange is down moderately on Friday at the opening amid uncertainty over the scale of the next rate hikes by the Federal Reserve (Fed).
The Wall Street Journal reports that the institution is heading, as investors expect, for a rate hike of 75 basis points on November 2, but that its members are suspected of debating on this occasion the advisability and how to signal to the markets their intention to slow down in December.
In early trading, the Dow Jones index lost 17.51 points, or 0.06%, to 30,316.08 points and the broader Standard & Poor’s 500 fell 0.13% to 3,661 points.
The Nasdaq Composite lost 0.33%, or 35.44 points, to 10,579.404.
Wall Street futures erased some of their losses in response to the US Financial News report, and in the bond market, Treasury yields pared their gains slightly.
The ten-year one, which reached a 15-year peak in session at 4.338%, is moving around 4.3%, up seven basis points.
In values, Snap fell 28.96%, the lowest since February 2019, after posting its weakest quarterly revenue growth in five years due to a drop in advertising revenue.
In its wake, Alphabet, the parent company of Google, Meta, Twitter and Pinterest fell from 1.27% to 4.77%.