Major indexes are lower following Fed Chair Powell's recent comments suggesting additional rate hikes could be expected this year. A selloff in the information technology sector and a drop in manufacturing PMI has also weighed on stocks.
Portfolio Pulse from Benzinga Newsdesk
Major indexes are lower due to Fed Chair Powell's comments suggesting additional rate hikes this year, a selloff in the information technology sector, and a drop in manufacturing PMI.
June 23, 2023 | 3:24 pm
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NEGATIVE IMPACT
DIA is lower following Powell's comments on rate hikes, IT sector selloff, and a drop in manufacturing PMI.
Powell's comments on additional rate hikes this year, the selloff in the information technology sector, and the drop in manufacturing PMI have a direct negative impact on DIA as it tracks the Dow Jones Industrial Average.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
IWM is lower following Powell's comments on rate hikes, IT sector selloff, and a drop in manufacturing PMI.
Powell's comments on additional rate hikes this year, the selloff in the information technology sector, and the drop in manufacturing PMI have a direct negative impact on IWM as it tracks the Russell 2000 Index.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
QQQ is lower following Powell's comments on rate hikes, IT sector selloff, and a drop in manufacturing PMI.
Powell's comments on additional rate hikes this year, the selloff in the information technology sector, and the drop in manufacturing PMI have a direct negative impact on QQQ as it tracks the Nasdaq-100 Index.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SPY is lower following Powell's comments on rate hikes, IT sector selloff, and a drop in manufacturing PMI.
Powell's comments on additional rate hikes this year, the selloff in the information technology sector, and the drop in manufacturing PMI have a direct negative impact on SPY as it tracks the S&P 500 Index.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100