Wall Street started the session in the red, as investors digest statements from several members of the US Federal Reserve’s (Fed) “hawk” wing. The session is still dominated by the fall of Bed, Bath & Beyond and the bleeding of listed companies in the crypto sector.
The global benchmark S&P 500 par excellence lost 0.68% to 4,255.06 points, while the industrial Dow Jones lost 0.47% to 33,838.97 points. The tech Nasdaq Composite, on the other hand, fell 1.01% to 12,834.56 points.
Just two days after the release of the Fed’s minutes from its last central bank meeting in July, which warned of the risk that inflation would “take root in the economy,” two members of the Federal Open Market Committee (FOMC) – James Bullard and Esther George – quoted Bloomberg as stressing the need to continue raising interest rates to ensure inflation reaches the 2% target.
“Clearly, the Fed’s primary goal is to ensure that inflation is reduced, although it recognizes the risk that it could derail the economy,” said Richard Hunter, head of markets at Interactive Investor, quoted by Bloomberg. .
According to the expert, comments from central bank leaders in St. Louis and Kansas “suggest that there is still a long way to go before declaring victory over inflation.”
As for key monetary policy developments in the US, investors’ attention is now focused on the Fed’s annual Jackson Hole symposium scheduled for late next week.
Of the major market moves, the 42.09% decline in Bed, Bath & Beyond stands out, continuing the trend seen in the North American premarket.
This week, GameStop president Ryan Cohen sold all shares in exchange for a global value of $189.3 million, according to what was announced after the close of Thursday’s session on Wall Street, confirming rumors already in the press circulated. The businessman made a profit of US$68.1 million from the sale of his stake in the company’s capital.
Since the start of Thursday’s session, the towel company has already lost about $992 million, according to Negócios’ accounts, based on Bloomberg data.
Also notable are Coinbase bonds, which are down 8.75%, as well as shares of Marathon Digital Holdings (-11.32%) and Riot Blockchain (-8.81%), which, along with the bitcoin tumble that hit the lows. of three weeks continues to renew .