Stocks continued their descent on Wednesday after the Federal Reserve confirmed it will act quicker than initially anticipated.
 | WED, APR 06, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 171.83 | -3.23 | -1.85% | | MSFT | 299.50 | -11.38 | -3.66% | | INTC | 47.54 | -0.59 | -1.23% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | TWTR | 50.77 | -0.21 | -0.41% | | AMD | 103.67 | -3.15 | -2.95% | | F | 15.39 | -0.43 | -2.72% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 103.67 | -3.15 | -2.95% | | AAPL | 171.83 | -3.23 | -1.85% | | NVDA | 244.07 | -15.24 | -5.88% | |
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Stocks continued their descent on Wednesday after the Federal Reserve confirmed it will act quicker than initially anticipated to reduce its balance sheet. In minutes released from the central bank's latest meeting, officials "generally agreed" the Fed should shrink its balance sheet by $95 billion per month and held off on a 50-basis point increase due to the current situation in Ukraine. The move seemed to confirm comments from Fed Governor Lael Brainard and other members indicating a swift approach to fight inflation. Markets hit session lows after the release of the minutes, rebounding slightly but ending the day in the red. The Dow Jones Industrial Average fell 144.67 points. The S&P 500 dipped nearly 1%, and the Nasdaq Composite shed 2.2%. |
"What that means for the markets are continued volatility around the uncertainty to higher rates and lower income cash flow stocks, growth type stocks probably continuing to get discounted as rates rise," Cliff Corso of Advisors Asset Management said on CNBC's "Worldwide Exchange." Tech stocks were among the notable decliners, with shares of big-name stocks like Apple, Nvidia and Alphabet sinking 1.8%, 5.8%, and 2.8%, respectively. Utilities, consumer staples and health-care stocks won the day again, as investors continued their search for safe havens amid lingering recession fears. UnitedHealth Group, Amgen and Walmart each climbed more than 2%. Despite the volatility and stark declines in the technology sector, Sanctuary Wealth's Jeff Kilburg sees some growth opportunities in subsectors like cloud computing and semiconductors. "We are not walking away from technology," he said. "We still see a lot of strength in the sector despite the tremendous volatility … but you have to be considerate of what subsectors of technology you want to own versus the broad swath and typical FAANG stocks which have worked for so long." |
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