The stock market faced significant losses as major indexes fell below key levels, influenced by a less-dovish Fed rate outlook and rising Treasury yields. FedEx surged on plans to spin off its Freight business, while Micron Technology and Vertex Pharmaceuticals plummeted due to disappointing guidance and drug study results, respectively. Despite a weak performance from Nike and other companies, a tame inflation report provided some relief on Friday.
Major indexes showed mild gains as investors awaited the Federal Reserve's interest rate decision. Jabil surged 10% after strong earnings, while Heico fell over 5% despite good results, triggering a sell signal. Meanwhile, Birkenstock rallied on solid revenue growth, and Netgear spiked over 14% amid potential U.S. government actions against Chinese competitors.
Shares dipped slightly on Wednesday morning, with Nvidia rebounding 2.5% in premarket trading after a four-day losing streak. The Dow Jones Industrial Average rose 0.3% ahead of a Federal Reserve interest rate decision, while notable stocks like Amazon and Apple reached new highs. IBM and BlackRock are nearing key buy points, while Tesla faced a decline after recent gains.
Investors are concerned that Trump's potential trade tariffs could exacerbate inflation, as retail sales rose 0.7% in November. The Dow Jones is on track for its longest losing streak since the 1970s, while Nvidia faces challenges with thermal issues in its chips, impacting its stock. Tesla continues to rise, with analysts projecting a bullish outlook for 2025.
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