Ford's biggest one-day drop in more than 11 years
09-21 12:00uSMART

U.S. stocks failed to gain for the second straight session on Tuesday, with the three major indexes collectively closing down and the Dow falling more than 550 points in intraday trading. Ford closed down 12.39%, its biggest single-day drop since January 2011

 

MACRO

US Markets extended its sell-off, closing 1% lower ahead of the highly anticipated FOMC Meeting  

EU Markets closed in the red while German producer prices jumped 45.8% YoY in August due to rising energy prices

Asia Markets were broadly higher, with the People’s Bank of China keeping one and five-year loan prime rate unchanged

 

SECTORS

Gold extended its losses trading below $1,665/oz as the dollar and treasury yields rose ahead of the Fed’s meeting

WTI Crude Oil lost momentum, as the dollar regained strength on expectations of increased rate hikes

 

COMPANY

Ford plunged 12% after it announced that 3Q costs were $1 billion more than expected due to supply chain issues and inflation

Cognex climbed 6.45% after the company lifted its revenue outlook due to a faster-than-expected recovery

Nike slipped 4.5% after Barclays downgraded the stock from Overweight to equal weight due to ongoing volatility in China

 

EVENTS 

Today’s Earnings:

  • General Mills (GIS.US)

 

Economic Calendar (22 September 2022)

  • US Fed Interest Rate Decision
  • Bank of Japan Interest Rate Decision
  • Bank of England Interest Rate Decision  

 

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