Home » Major U.S. Stock Indexes Close Down as Tech and Energy Stocks Decline; Chinese Concept Stocks Face Steep Fall Amid Federal Reserve’s Interest Rate Announcement

Major U.S. Stock Indexes Close Down as Tech and Energy Stocks Decline; Chinese Concept Stocks Face Steep Fall Amid Federal Reserve’s Interest Rate Announcement

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Title: US Stock Market Slumps as Major Indexes Close in Negative Territory

Date: September 20, 2022

The three major U.S. stock indexes experienced a collective decline on September 20, as reported by Securities Times. The Dow Jones Industrial Average (Dow) closed at 34,440.88 points, down by 0.22%. Simultaneously, the S&P 500 also dropped by 0.94% to 4,402.20 points, and the Nasdaq Composite fell by 1.53% to 13,469.13 points.

Tech giants faced significant losses during the trading day, with Intel witnessing a 4.54% decline. Alphabet’s Class A shares, parent company of Google, fell over 3%, while Nvidia experienced a nearly 3% drop. Other notable losses included Netflix and Microsoft, both down over 2%, Apple with a 2% decline, and Amazon, Meta (formerly Facebook), and Tesla, all decreasing by more than 1%.

Energy stocks also experienced a general decline, with Occidental Petroleum and Devon Energy plummeting by over 2%. ConocoPhillips saw a decrease of more than 1%, while Exxon Mobil, BP, Shell, Chevron, and others experienced relatively minor losses.

Chinese concept stocks also faced a downward trend, with Xpeng Motors witnessing a sharp drop of more than 6%. Pinduoduo fell by nearly 4%, while NetEase and iQiyi both declined by nearly 3%. Vipshop, Tencent Music, Alibaba, Bilibili, New Oriental, and Baidu were among the companies that experienced decreases of over 1%. Meanwhile, JD.com, Ctrip, and Weibo faced slight losses. There were a few outliers, however, as Nio rose by over 3%, Beike increased by more than 2%, and Li Auto experienced a slight gain.

Simultaneously, the Federal Reserve announced its decision to slow down the pace of interest rate increases, keeping the federal funds rate target within the range of 5.25% to 5.50%. The resolution also indicated the possibility of further interest rate hikes in the future, as reflected in the dot plot. Most members of the Federal Open Market Committee (FOMC) anticipate another rate hike before the end of the year, with policymakers expecting the easing measures to be reduced next year.

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Securities Times emphasizes that the content provided in the article is for informational purposes only and should not be considered as investment advice. Readers are urged to make investment decisions cautiously and at their own risk.

To stay up to date with stock market trends, policy information, and wealth opportunities, readers can download the official app of “Securities Times” or follow their official WeChat account.

Disclaimer: This article is based on the information provided by Securities Times and does not reflect the views or opinions of the news publication.

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