US Market today: US stock market fell more than 3% on fear of aggressive rate hikes by Fed
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What happened in the US stock market today?
- US Markets ended sharply lower. Nasdaq down 3.9%, Dow fell 3% and S&P 500 ended 3.4% lower.
- Stocks fell on Fed Chair Jerome Powell's hawkish comments indicating higher interest rates in place for a longer time.
- All major sectors ended lower with IT, consumer discretionary, communication services dragging the markets.
- Affirm stock tanked 21% after posting larger-than-expected quarterly loss and disappointing outlook.
- For the week, Dow slid 4.2%, S&P 500 and Nasdaq fell roughly 4% and 4.4%, respectively.
US Most Active Stocks Today
| Stock price action | Reason behind the move |
|---|---|
| Amazon fell 5% | Amazon share price crashed along with other Big Tech stocks as US Fed chairman's push for aggressive rate hike triggered sell-off in US stocks. |
| Apple crashed 4% | Apple share price fell along with other big tech stocks amid uncertainty over US Fed's plan of inflation control. |
| Arcimoto lost 5% | Arcimoto share price extended fall amid weakness in Tech & growth stocks over aggressive rate hike plan by US central bank, a downgrade and target price cut by analysts. |
| ARK Genomic Revolution ETF crashed 6% | ARK Genomic Revolution ETF price fell driven by losses in underlying stocks of Pacific Biosciences, Fate Therapeutics and Teladoc Health. |
| ARK Innovation ETF fell 6% | ARK Innovation ETF price fell sharply driven by losses in underlying stocks of Unity Software, Coinbase and Twilio. |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares ETF fell 2% | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares ETF price fell tracking the losses in the energy stocks of Marathon Petroleum and Devon Energy. |
| Direxion Daily Semiconductor Bull 3X ETF crashed 17% | Direxion Daily Semiconductor Bull 3X ETF price fell sharply tracking the losses in chip stocks of Advanced Micro Devices, NVIDIA and Marvell Technology. |
| Direxion Daily Technology Bull 3X ETF crashed 13% | Direxion Daily Technology Bull 3X ETF price fell sharply on the back of sharp fall in NVIDIA, PayPal, Microsoft and Apple shares. |
| Google fell 5% | Google (Alphabet) share price fell sharply along with other tech stocks post an announcement of aggressive rate hike plan by US central bank at Jackson Hole meeting. |
| HP crashed 9% | HP share price fell sharply post weak growth outlook by its competitor Dell, weakness in broad market over aggressive rate hike plan by US central bank. |
| Invesco NASDAQ 100 ETF crashed 4% | Invesco NASDAQ 100 ETF price fell sharply tracking the losses in Tech stocks heavy Nasdaq index, increased uncertainty over US Fed's plan of inflation control led to sell-off. |
| Invesco QQQ Trust Series 1 ETF lost 4% | Invesco QQQ Trust Series 1 ETF price fell sharply tracking the losses in Tech stocks, increased uncertainty over US Fed's plan of inflation control led to sell-off. |
| Microsoft lost 4% | Microsoft share price fell sharply along with other big tech stocks driven by increased uncertainty over US Fed's plan of inflation control. |
| Netflix lost 5% | Netflix share price fell sharply along with other Tech & growth stocks in a sell-off in US stocks triggered by aggressive rate hike plans announcement by US central bank at Jackson Hole meeting. |
| NVIDIA fell 9% | NVIDIA share price crashed along with other tech, chip stocks over US central bank chief's comment on aggressive rate hikes, weak revenue growth outlook for NVIDIA hurt investor sentiments. |
| ProShares Bitcoin Strategy ETF crashed 5% | ProShares Bitcoin Strategy ETF price fell tracking the losses in Bitcoin prices and trading volumes. |
| ProShares Ultra Semiconductors crashed 12% | ProShares Ultra Semiconductors ETF price fell sharply tracking the negative trend in chip stocks of Nvidia, QUALCOMM and Broadcom. |
| ProShares UltraPro S&P 500 ETF lost 10% | ProShares UltraPro S&P 500 ETF price fell tracking the losses in S&P 500 index post an announcement of aggressive rate hike plan by US central bank at Jackson Hole meeting. |
| Salesforce fell 5% | Salesforce share price fell sharply over reports of firm slashing its revenue outlook amid $10 Billion share buyback. |
| Unity Software crashed 9% | Unity Software fell sharply over reports of insiders (key executive) selling the stocks, weakness among growth stocks post announcement of aggressive inflation control plan by US central bank. |
| Upstart fell 10% | Upstart share price fell sharply along with other financial stocks over US central bank chief's comment on inflation control plan sparking tech and growth stock sell-off. |
| Vanguard S&P 500 Growth ETF lost 4% | Vanguard S&P 500 Growth ETF price fell sharply tracking the losses in growth stocks, increased uncertainty over US Fed's plan of inflation control led to sell-off. |
Why did US markets end lower?
US stock market ended sharply lower with Nasdaq down 3.9% on Fed chair Jerome Powell's hawkish comments to curtail inflation.
Why did Affirm share price fall 21% ?
Affirm stock tanked 21% after posting larger-than-expected quarterly loss and disappointing financial outlook.
Why is Salesforce stock falling?
Salesforce share price is falling sharply over reports of firm slashing its revenue outlook amid $10 Billion share buyback.
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