{"id":1955704,"date":"2023-06-23T19:00:02","date_gmt":"2023-06-23T23:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-ends-down-snaps-weekly-winning-streak-on-fed-worries\/"},"modified":"2023-06-23T19:01:58","modified_gmt":"2023-06-23T23:01:58","slug":"wall-street-ends-down-snaps-weekly-winning-streak-on-fed-worries","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-ends-down-snaps-weekly-winning-streak-on-fed-worries\/","title":{"rendered":"Wall Street closes lower, breaks weekly winning streak due to Fed concerns."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwall-street-ends-down-snaps-weekly-winning-streak-on-fed-worries%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1955704&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>U.S. Stocks Close Lower as Fed Signals More Rate Hikes<\/strong><\/p>\n<p>By Stephen Culp<\/p>\n<p>NEW YORK (Reuters) \u2013 U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-retreats-as-rate-hike-concerns-persist\/\" title=\"Wall Street retreats as rate hike concerns persist\">stocks closed lower<\/a> on Friday, capping a week dominated by Federal Reserve Chairman Jerome Powell\u2019s testimony in which he signaled more interest rate hikes ahead but vowed the central bank would proceed with caution.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>All three major U.S. stock indexes lost ground in a broad sell-off. Interest-sensitive megacap stocks weighed heaviest on the tech-laden Nasdaq composite index, led by Microsoft Corp, Tesla Inc and Nvidia Corp.<\/p>\n<p>With few market-moving catalysts this week aside from Powell\u2019s congressional testimony, all three indexes notched weekly losses, ending a weeks-long rally.<\/p>\n<p>The Nasdaq snapped its eight-week winning streak, its longest since March 2019, while the S&#038;P 500 broke its five-week rally, its longest since November 2021.<\/p>\n<p>The S&#038;P 500 and the Nasdaq logged their biggest Friday-to-Friday percentage drops since early March, when the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-ends-down-snaps-weekly-winning-streak-on-fed-worries\/\" title=\"Wall Street closes lower, breaks weekly winning streak due to Fed concerns.\">regional banking liquidity crisis hit<\/a>.<\/p>\n<p>\u201cIt has been an overbought market, and giving a little bit back,\u201d said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. \u201c(The rally) has been momentum-driven, with fairly broad participation, and there\u2019s nothing surprising about markets taking a pause, and the pause has been fairly orderly.\u201d<\/p>\n<p>San Francisco Fed Bank President Mary Daly said on Friday in an interview with Reuters that two more rate hikes this year is a \u201cvery reasonable\u201d projection, while echoing Powell\u2019s call for more caution in policy decisions.<\/p>\n<p>Atlanta Fed President Tom Barkin said late Thursday he was unconvinced inflation is on a steady path down to the 2% target, but added he would not predict the outcome of the central bank\u2019s July policy meeting.<\/p>\n<p>Financial markets have baked in a 74.4% likelihood that the Fed will resume hiking the Fed funds target rate by another 25 basis points at the July meeting, according to CME\u2019s FedWatch tool.<\/p>\n<p>\u201cYou can probably count on a rate hike next month, but it\u2019s that second hike that the markets are skeptical of,\u201d Mayfield added. \u201cI\u2019ll be surprised if the inflation data and other economic data merit that second hike by the time we get to the September (Fed) meeting.\u201d<\/p>\n<p>The Dow Jones Industrial Average fell 219.28 points, or 0.65%, to 33,727.43, the S&#038;P 500 lost 33.56 points, or 0.77%, at 4,348.33 and the Nasdaq Composite dropped 138.09 points, or 1.01%, to 13,492.52.<\/p>\n<p>All 11 of the major S&#038;P 500 sectors lost ground, with utilities suffering the largest percentage loss.<\/p>\n<p>Chips weighed on tech shares, with the Philadelphia SE Semiconductor index sliding 1.8%.<\/p>\n<p>Used car marketplace Carmax Inc posted better-than-expected quarterly profits, sending its shares surging 10.1%.<\/p>\n<p>Starbucks Corp fell 2.5% after its unions said around 3,500 U.S. workers will strike next week to protest the chain\u2019s ban on Pride month decorations at its cafes.<\/p>\n<p>The CBOE Market Volatility index, a gauge of investor anxiety settled at up 0.53 point at 13.44, bouncing off a 3-1\/2 year low.<\/p>\n<p>Declining issues outnumbered advancers on the NYSE by a 2.39-to-1 ratio; on Nasdaq, a 2.03-to-1 ratio favored decliners.<\/p>\n<p>The S&#038;P 500 posted 18 new 52-week highs and four new lows; the Nasdaq Composite recorded 35 new highs and 138 new lows.  <\/p>\n<p>The Russell 2000 finalized the reconstitution of its stock components, which fueled a surge in trading volume.<\/p>\n<p>Volume on U.S. exchanges was 15.93 billion shares, compared with the 11.68 billion average for the full session over the last 20 trading days.  <\/p>\n<\/p>\n<p> (Reporting by Stephen Culp; Additional reporting by Shubham Batra and Shristi Achar A in Bengaluru; Editing by Richard Chang)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/futures-fall-as-powells\/attachment\/traders-work-on-the-floor-of-the-nyse-in-new-2\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>More GOP Candidates Enter 2024 Presidential Election<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Monica Paige<\/p>\n<p>Many are speculating why more GOP candidates are entering the 2024 presidential election. Find out the reasons behind this surge in One America&#8217;s report.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>IRS Whistleblower Reveals Favoritism Towards Wealthy and Connected<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Jason Smith<\/p>\n<p>Chairman of the House Ways and Means committee, Missouri Congressman Jason Smith, approved the release of IRS whistleblower material related to Hunter Biden. The transcript reveals that people who are wealthy or connected to Joe Biden are treated much more favorably than anyone else. Get the full story on One America News.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>GOP Presidential Hopeful Asa Hutchinson on the Nation&#8217;s Challenges<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Asa Hutchinson<\/p>\n<p>GOP presidential hopeful Asa Hutchinson believes his campaign is the only one with the breadth of experience to take on the challenges facing the nation. Learn more about his plans and vision.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>GOP Presidential Hopeful Vivek Ramaswamy&#8217;s Plan to Combat Corruption<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Vivek Ramaswamy<\/p>\n<p>GOP presidential hopeful Vivek Ramaswamy promises to shut down corrupt bureaucracy if elected. Find out more about his plans to tackle corruption in government.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Belgium Regulator Orders Binance to Cease Virtual Currency Services<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Sudip Kar-Gupta<\/p>\n<p>Belgium&#8217;s FSMA regulator has ordered Binance to stop offering any <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-fines-crypto-company-bittrex-23-4-million-for-violating-u-s-sanctions-bank-secrecy-act\/\" title=\"Treasury Fines Crypto Company Bittrex .4 Million for Violating U.S. Sanctions, Bank Secrecy Act\">virtual currency services<\/a> in the country. Get the latest updates on this regulatory action.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>EU Industry Chief Defends Draft Rules to Prevent Non-EU Influence<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Foo Yun Chee<\/p>\n<p>European Union industry chief Thierry Breton defends draft rules aimed at preventing non-EU influence. Learn more about the proposed regulations and their impact.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>SpaceX Offers Insider Shares to Raise Valuation<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Aditya Kalra, Munsif Vengattil and Indranil Sarkar<\/p>\n<p>Elon Musk&#8217;s SpaceX is offering to sell insider shares at a price that would raise the company&#8217;s valuation. Find out more about this investment opportunity.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Global Investors Confirm Representatives&#8217; Support for Byju&#8217;s<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Aditya Kalra, Munsif Vengattil and Indranil Sarkar<\/p>\n<p>All three global investors at Byju&#8217;s have confirmed that their representatives had expressed support for the company. Get the latest updates on this development.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks ended the week down as Federal Reserve Chairman Jerome Powell&#8217;s cautious approach to interest rate hikes weighed on investor sentiment. The three major stock indexes experienced a widespread decline.<\/p>\n","protected":false},"author":66,"featured_media":1955705,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1955704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1955704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1955704"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1955704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1955705"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1955704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1955704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1955704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}