4:05pm: US equities close lower amid trifecta of worry
US stocks closed lower as investors fretted about the impact of the Omicron variant, inflation, and potentially higher interest rates in 2022.
Large tech stocks helped drag down major market averages amid a rotation from high-growth names to consumer staples.
On the day, the DJIA fell by 31 points, or 0.09%, to 35,896 and the S&P 500 decreased 0.88% to 4,668.
But the tech-heavy Nasdaq dropped 385 points, or 2.47%, to 15,180.
1.00pm: US stocks waver as central banks tighten policy
US stock indexes were mixed in the afternoon session after new unemployment data showed another print near a pandemic-era low amind major central banks taking steps to tighten monetary policy. The market initially welcomed a US Federal Reserve decision to ramp up the pace of its taper and leave interest rates unchanged — for now.
The Dow Jones Industrial Average added around 149 points, or roughly 0.4%, while the S&P 500 lost around 0.4%. The Nasdaq Composite shed 1.6% as tech stocks lagged behind the broader market.
11am: Proactive North America headlines:
Marvel Discovery closes private placement raising total proceeds of over $1M for exploration on its Canadian property portfolio
Falcon Gold buys Chile's Viernes project, in one of the world's richest copper producing hubs
Forward Water Technologies (TSX-V:FWTC) announces update on lithium and brine mineral extractions studies
Doré Copper Mining says ore sorting tech could improve grade and lower costs at flagship Corner Bay project
QC Copper and Gold set to kick off Phase 1 drilling at its Opemiska project in Quebec
Altiplano Metals receives approval for industry-leading water recovery circuit and iron separation at El Peñón processing facility
Potent Ventures places initial purchase order for production of plant-based gummy product line; plans to change business name and ticker symbol
Endexx adds 2,800 stores and 20 new states in December with two Fortune 50 mass retail stores
FansUnite Entertainment and white-label partner MoneyLine Sports announce launch of new online wagering platform for regulated markets
BioSig Technologies expands its clinical footprint in Florida, installs PURE EP System in HCA Healthcare-operated hospital
GameSquare Esports executive team shows confidence in growth prospects with open-market purchase of shares
ACME Lithium closes flow-through financing for aggregate gross proceeds of $1M
VolitionRx (NYSE-A:VNRX) Limited executes first supply and licensing contract for its Nu.Q Vet Cancer Screening Test in Asia
CleanSpark marks its one-year anniversary of sustainable Bitcoin mining
Global Energy Metals and Electric Royalties strike deal to advance the development of the Rana nickel project in Norway
Safe-T Group (NASDAQ:SFET) top executives complete open market purchases of shares to boost ownership to around 13.5%
Predictmedix announces inaugural placement of its Safe Entry Station at Ontario-based health and wellness retreat
ElectraMeccanica (NASDAQ:SOLO) on track to commission Mesa Assembly Facility in summer of '22
Therma Bright says antibodies in its AcuVid COVID-19 Rapid Antigen Saliva Test can successfully detect Omicron variant
AMPD Ventures announces completion of Departure Lounge acquisition; plans to expand as 360-degree Metaverse focused organization
Harbor Custom Development closes on $3.87M sale of 27 developed lots in Washington to Century Communities
Psyched Wellness (CSE:PSYC, OTCQB:PSYCF) reveals path to market for AME-1, its Amanita Muscaria extract
Helix BioPharma spends C$1.24M on R&D in its fiscal first quarter
Logiq finalizes agreement to transfer AppLogiq assets into publicly-traded subsidiary; shareholders set to receive shares by year-end
The Canadian Securities Exchange continues expansion as 2.6 billion shares traded in November
Medallion Resources reveals plans for potential up-list to major US stock market amid shift to renewable energy
The Valens Company (TSX:VLNS, OTCQX:VLNCF) secures C$40M term loan to support “aggressive growth strategy”
BMEX Gold awaiting results after completing 3,000m drill program at King Tut project in Quebec
American Eagle Gold announces C$1M private placement to fund exploration work at NAK project
9.49am: US shares start on front foot
US shares started higher on Thursday with the Dow Jones showing a triple digit gain as traders mulled over the Fed announcement on accelerating tapering and as the UK central bank lifted interest rates.
The Dow Jones Industrial Average added over 167 points to stand at 36,094 in early deals in New York.
The broader based S&P 500 gained around 17 at 4,727, while the tech-heavy Nasdaq Composite Index added over 23 at 15,589.
Following the Federal Reserve news, traders also firmed their own expectations for interest rate increases in the USA. The Fed had said it potential sees three hikes in 2022.
In London, the Bank of England said ti would immediately to lift the base rate by 15 basis points to 0.25%, surprising some who thought it would do nothing until early nect year.
In company news, US big banks did well on the back of the rate hike prospect, with shares in JPMorgan Chase, Citigroup and Bank of America (NYSE:BAC) all heading north.
6.30am: US stocks seen opening higher
US stocks are expected to open in the green as investors embraced the Federal Reserve’s decision to tighten monetary policy in order to rein in inflation at a 39-year high.
Futures for the Dow Jones Industrial Average rose 0.67% in Thursday pre-market trading, while the broader S&P 500 index added 0.76% and those for the tech-heavy Nasdaq 100 gained 0.87%.
The Dow and the S&P 500 turned positive towards the close on Wednesday after the Fed announced it was accelerating the withdrawal of its crisis-era stimulus programs and ramped up the rate of tapering of its asset purchasing program to $30 billion per month.
The Dow Jones gained 1.08% to close at 35,927 while the S&P 500 added 1.63% to finish at 4,710 and the Nasdaq surged 2.15% to 15,566 points.
“Is the Santa Rally finally here? Markets certainly seem to have a spring in their step, with the major indices across Europe, Asia and the US all pushing forward,” commented Russ Mould, investment director at AJ Bell.
“The US Federal Reserve’s monetary policy update last night has gone down well with the markets.
“The prospect of three US interest rate hikes in 2022 would suggest the central bank has a clear plan to not let inflation get out of control. Equally, it isn’t being too aggressive to trip up the economy. This sense of balance is exactly what investors want, and an upbeat tone from the Fed certainly seems to have rubbed off on markets.”