U.S. Stocks Fall Ahead of Central Bank Decisions on Interest Rates
2022.06.08 17:31
By Liz Moyer
Investing.com — U.S. stocks were mixed as investors weighed economic data ahead of central bank meetings.
At 10:16 AM ET, the Dow Jones Industrial Average was down 203 points, or 0.6%, while the S&P 500 fell 0.5% and the NASDAQ Composite was flat.
In Europe, economic output rose 0.6% for the month for the first quarter from the previous quarter and 5.4% from the same period last year. Both beat expectations a day ahead of the European Central Bank’s meeting, when it will decide on the direction of interest rates. The Federal Reserve meets next week. Investors have been worried that central banks will act too aggressively on rates and tip economies into recession in the process of trying to tame inflation.
The yield on the 10-year Treasury bond rose above 3%.
Novavax Inc (NASDAQ:NVAX) stock was up 1% on Wednesday, a day after an advisory panel to the Food and Drug Administration recommended the use of its Covid-19 vaccine in adults. That would make Novavax the fourth approved vaccine in the U.S.
Credit Suisse Group (NYSE:CS) shares rebounded and were trading 1.8% higher after the bank warned on profits for the second quarter, citing tighter monetary policy and Russia’s war on Ukraine.
Oil rose. Crude Oil WTI Futures was up 0.2% to $119.58 a barrel, while Brent Oil Futures was up 0.5% to $121.15 a barrel.Gold Futures rose 0.3% to $1,856.
