All eyes are on the Federal Reserve, which is expected to raise interest rates on Wednesday. It’s all part of a move to help curb inflation. Investors are anticipating the rate hike, and the markets reacted in form.
The Dow was up and down today. Finished up one point to 32,945.
The Nasdaq took the biggest hit today. Down 262, over 2%.
The S&P fell another 31 points, down .75%.
Oil prices fell below $100/barrel for a moment today. Down more than 8%. That’s good news for surging gas prices. At the closing bell, oil was trading around $101/barrel.
Those gas prices will hit your next Uber or Lyft ride. Both companies are adding temporary surcharges to help drivers deal with the high prices. Many rideshare and food delivery drivers have threatened to quit because they’re not making enough.
Some companies making headlines –
Apple’s stock fell 2% after a COVID lockdown in China forced a supplier to pause operations. Nike shares fell over 2% with geo-political risks weighing on the retailer.
And with increasing competition, Netflix stock fell more than 2%, reaching its lowest level since March of 2020.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.