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Wall Street struggles for direction on rate hike jitters; Snap jumps

Snap jumps as it restructures ad business, lays off staff; Netflix rises after hiring two Snap Inc executives; Bed Bath & Beyond sinks on corporate overhaul

Photo: Bloomberg
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Photo: Bloomberg

Reuters
US stock indexes struggled for direction on Wednesday and were set for sharp monthly declines as investors worried how much the Federal Reserve will hike interest rates to tame inflation, while chipmakers slid after tepid forecasts from Seagate and HP Inc.

The three main indexes were on pace for their worst August performance since 2015, with the tech-heavy Nasdaq down 3.9% after Fed Chair Jerome Powell's blunt and hawkish remarks on Friday about keeping monetary policy tight "for some time" quashed hopes of more modest rate hikes.

Meanwhile, mixed economic data signaling an easing of price pressures and a tight labor market

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 31 2022 | 8:28 PM IST

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