Fed raises interest rates
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US Markets Stocks were down early this morning after suffering losses on Wednesday. - Qualcomm, Roku, Fortinet, Peloton, and Moderna declined after they released negative earnings reports.
- On Wednesday, the Dow lost 1.6%, the S&P 500 fell 2.5%, and the Nasdaq shed 3.4%.
- The current 10 Year U.S. Treasury yield is set at 4.19420%
| Dow Jones | 31,957.53 | -0.59% | | S&P 500 | 3,723.34 | -0.97% | | Nasdaq | 10,421.73 | -0.98% | | Russell 2000 | 1,789.14 | -3.36% | *Stock Market data as of 9:35 am ET. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets In October, home sales in the Greater Toronto Area declined to the lowest level in over a decade. - October sales were slightly lower than September but down 49.1% compared to last year.
- New listings decreased 11.6% from last year to 11,749, the lowest figure since October 2010.
- The average price of a house dropped 5.7% in the past 12 months but rose 0.2% on a month-on-month basis.
*Canadian stock prices are as of 9:35 am ET. Data received directly from the references indexes through ICE Data Services
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European Markets Stocks in Europe were down on Wednesday as investors anticipated that the Fed would raise interest rates after the markets closed. - The Stoxx 600 fell by 0.3%. The household goods sector led losses by shedding 1.7%.
- Healthcare stocks were the best performing, gaining 1.1%.
- European stocks were down significantly on Thursday morning as they reacted to interest rate hikes in the U.K. and the U.S.
| Euro STOXX 50 | 3,567.25 | -1.51% | | UK (FTSE 100) | 7,132.84 | -0.16% | | Germany (DAX) | 13,041.42 | -1.62% | | France (CAC 40) | 6,196.49 | -1.28% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Shares in Asia rose on Wednesday as investors anticipated another 75-basis point rate hike in the U.S. - Stocks were up significantly in Hong Kong. The Hang Seng Index gained 2.41% early on Wednesday before trading was halted due to a cyclone warning.
- Stocks in mainland China dropped significantly on Wednesday morning before rebounding to gain 1.15% on the day.
- Asian markets are all negative on Thursday following the interest rate hike by the Fed.
| S&P Asia 50 | 3,586.00 | -1.46% | | Japan (Nikkei 225) | 27,663.39 | -0.06% | | South Korea (KOSPI) | 2,329.17 | -0.33% | | China (Hang Seng) | 15,339.49 | -3.08% | | India (SENSEX) | 60,836.41 | -0.11% | *Asian stock prices are as of a9:35 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices were down on Thursday morning as a stronger U.S. Dollar and fears of a global recession caused concerns that fuel demand may decrease in the future. - Before U.S. markets opened, Brent crude futures were down 1.1% and U.S. West Texas Intermediate futures had lost 1.4%.
- Most analysts are blaming the stronger dollar for higher prices, as it makes oil more expensive for most countries.
- The EU will start its embargo on Russian oil on Dec. 5 and plans to stop all oil product imports from Russia by February 2023.
| Oil (NYSEARCA:OIL) | 32.25 | 0.00% | | Gold (NYSEARCA:GLD) | 150.72 | -1.10% | | Silver (NYSEARCA:SLV) | 17.55 | -1.02% | | Corn (NYSEARCA:CORN) | 27.27 | -0.29% | | Lumber (NASDAQ:WOOD) | 68.45 | -0.55% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar rose on Wednesday and Thursday morning, following the Fed's decision to raise the benchmark interest rate by 75 basis points for the fourth time in a row. - The British Pound was down despite the Bank of England's 75-basis point interest rate hike, the largest in 33 years for the U.K.
- As a result, the pound hit its lowest point since Rishi Sunak became Prime Minister on Oct. 25.
- The Bank of England forecasts that the U.K. will suffer five consecutive quarters of recession comprising all of 2023 and the first half of 2024.
| UK(GBP) | £0.89 | 2.83% | | Europe (EURO) | €1.03 | 1.34% | | Canada (Canadian Dollar) | $1.38 | 1.21% | | Japan (Yen) | ¥147.94 | 0.03% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Bitcoin was down overnight after remaining stable following the Fed's interest rate hike on Wednesday. - Ether lost nearly 4% on the news before rallying later in the day.
- Dogecoin dropped 10% after the hike was announced, with the cryptocurrency market as a whole losing 2%.
- Citi forecasts that despite recent losses and increased volatility, Ethereum is moving toward a deflationary future as part of the Merge.
| Bitcoin | $20,107.60 | -1.83% | | Ethereum | $1,526.71 | 0.57% | | Litecoin | $60.52 | -0.69% | | Bitcoin Cash | $114.99 | 0.00% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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