US stocks fell sharply, the Nasdaq fell more than 5%, the inflation data fell less than expected, and Biden issued a statement
09-14 12:00uSMART

On Tuesday, local time, the three major U.S. stock indexes experienced the largest decline since June 11, 2020, due to factors such as the U.S. inflation data falling less than expected and the Federal Reserve’s monetary policy likely to continue to tighten sharply. U.S. President Joe Biden acknowledged that it will take more time and determination to control inflation

 

MACRO

US Markets pulled back sharply, with the Nasdaq plunging 5% following a hotter-than-expected inflation reading

EU Markets closed in the red, even as UK unemployment hit a 48-year low of 3.6% for the three months to July   

Asia Markets were broadly higher, with EV-maker Nio leading gains after an upbeat report by Deutsche Bank

US CPI came in above forecasts to rise 8.3% year on year, raising expectations that the Fed will raise interest rates by 75 basis points

 

SECTORS

Gold gave back its gains, trading just above the 1700 levels as the dollar rose on rate-hike expectations

WTI Crude Oil tumbled close to 1%, trading at $87.61/barrel at time of writing, following bearish US CPI results

 

COMPANY

Meta retreated almost 10% as the company’s focus on Reels remains to be less successful than TikTok

Adobe slid 7.06% after BMO downgraded the company due to lowered revenue estimates for 2022 and 2023

Rent the Runway sank 38% having announced poor Q2 results which saw slower subscriber growth

 

EVENTS 

Today’s Earnings:

  • BRP (BRP.US)

 

Economic Calendar (15 September 2022)

  • Australia Unemployment Rate (August)
  • US Retail Sales MoM (August)

 

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