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The S&P 500 and Nasdaq Composite suffered greatly as a result of the decline in Meta stocks. According to the WSJ, EU watchdogs concluded that Facebook and Instagram should not get users' permission before displaying customised advertising that are based on those users' online behavior.
The banking sector's drop was driven mostly by shares of Bank of America. According to the CEO of the lender, the bank's analysis shows a "mild" fall over the following three quarters. The CEO of JPMorgan Chase and Co., Jamie Dimon, also foresaw a little or more pronounced recession.
At the meeting on December 13–14, there is a 91% chance that the Federal Reserve's benchmark interest rate will increase by 50 basis points. The rate was predicted to peak at 4.92% on Monday, just before the PMI data was announced, but is now expected to peak at 4.98% in May 2023.
source: reuters.com
The banking sector's drop was driven mostly by shares of Bank of America. According to the CEO of the lender, the bank's analysis shows a "mild" fall over the following three quarters. The CEO of JPMorgan Chase and Co., Jamie Dimon, also foresaw a little or more pronounced recession.
At the meeting on December 13–14, there is a 91% chance that the Federal Reserve's benchmark interest rate will increase by 50 basis points. The rate was predicted to peak at 4.92% on Monday, just before the PMI data was announced, but is now expected to peak at 4.98% in May 2023.
source: reuters.com
