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By Liz Moyer
U.S. stocks opened lower as investors digested comments by Federal Reserve Chairman Jerome Powell after the central bank raised interest rates by a half-point.
At 10:17 AM ET, the Dow Jones Industrial Average was down 573 points or 1.7%, while the S&P 500 fell 2.1% and the NASDAQ Composite fell 3.2%.
Powell sparked an end-of-day rally on Wednesday after saying the policy makers weren’t considering a bigger rate hike, though he did suggest another half-point increase was in the cards for the next meeting. Stocks have given nearly all those gains back on Thursday. The seemingly less aggressive than feared stance at the Fed sent technology stocks soaring, though stocks across the board were taking a breather on Thursday.
Twitter Inc (NYSE:TWTR) shares rose 3% after a regulatory filing provided more details for Elon Musk’s $7 billion in financing commitments for his deal to buy the social media platform, including participation by Oracle’s (NYSE:ORCL) Larry Ellison and others.
Shares of Shopify Inc (NYSE:SHOP), the e-commerce company, fell 17% after missing earnings estimates and giving a cautious outlook. Growth is slowing from early pandemic trends, it said.
All eyes are now on the Bureau of Labor Statistics’ job report for April, due out on Friday. The expectation is that the economy added about 400,000 nonfarm jobs during the month.
Crude oil prices continued to rise as the Organization of the Petroleum Exporting Countries and its allies prepared to meet Thursday. Crude Oil WTI Futures, the U.S. benchmark, rose 2.5% to $110 a barrel, while Brent Oil Futures crude, the international standard, rose 2.9% to $113 a barrel.
Gold Futures rose 1.3% to $1893 an ounce.
Last modified: May 10, 2022