Fidelity Investments’ John Gagliardi and former Federal Reserve Board Gov. Frederic Mishkin analyzes the markets following the Federal Reserve’s announcement.
U.S. equity futures traded lower ahead of the final Wall Street session of the week.
The major futures indexes suggested a decline of 0.1% on the Dow, but a loss of 0.8% on the Nasdaq, which fell 2.5% on Thursday in a tech selloff.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35897.64 | -29.79 | -0.08% |
| SP500 | S&P 500 | 4668.67 | -41.18 | -0.87% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15180.434862 | -385.15 | -2.47% |
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The Federal Reserve-driven rally fizzled after policymakers said they are preparing to begin raising rates next year to fight inflation.
In stocks, Oracle may be close to buying Cerner, according to The Wall Street Journal, in a deal that would value the maker of electronic medical records around $30 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 103.22 | -0.43 | -0.41% |
| CERN | CERNER CORP. | 79.49 | +0.57 | +0.72% |
Delivery firm FedEx Corp reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles.
FEDEX REINSTATES 2022 PROFIT TARGET, SHARES SOAR
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FDX | FEDEX CORP. | 238.52 | -2.26 | -0.94% |
| UPS | UNITED PARCEL SERVICE INC. | 207.97 | +2.20 | +1.07% |
Electric vehicle upstart Rivian Automotive posted a $1.23 billion net loss in the third quarter due to costs from starting production of its pickup truck.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIVN | RIVIAN AUTOMOTIVE INC. | 108.87 | -6.13 | -5.33% |
Darden, parent of Olive Garden and Red Lobster, announced CEO Eugene Lee will step down in May of next year and will be replaced by Ricardo Cardenas, current president and chief operating officer.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DHI | D.R. HORTON INC. | 104.47 | -2.90 | -2.70% |
JOBLESS CLAIMS TICKED UP BY 206,000
Overseas, the Bank of Japan said Friday it would reduce some of its pandemic support measures, reducing purchases of corporate bonds to precrisis levels after March. It also extended by six months extra support for lending to small companies. But its board meeting otherwise kept ultra-loose monetary policy mostly unchanged.
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Tokyo’s Nikkei 225 index dropped 1.8%, Hong Kong’s Hang Seng lost 1.2% and China’s Shanghai Composite index gave up 1.2%.
In Europe, London’s FTSE added 0.1%, Germany’s DAX slipped 0.7% and France’s CAC was off 0.6%.
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In other trading Friday, U.S. crude oil lost $1.27 to $71.08 per barrel in electronic trading on the New York Mercantile Exchange. It gained $1.31 to $72.38 on Thursday. Brent crude, the basis for international pricing of crude, fell $1.33 to $73.67.
FOX Business’ Ken Martin and The Associated Press contributed to this report.