3.5 Stocks fall on disappointment without references to expected long-term interest rates
This article is not intended to indicate or recommend buying or selling timing.
Please make your own investment decisions.
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Yesterday's market first reflected the results of the OPEC meeting, confirming continued coordinated production cuts, and crude oil prices, which had been soft in recent days, surged sharply.
In the latest oil statistics, the decrease in inventories created a favorable backdrop for the oil market, contributing to a pronounced rise.
And another factor was Chairman Powell's speech.
There was rising concern about a decline in long-term interest rates, and the market expected some form of action or remarks. Purchases accumulated in New York in the morning, but the speech began around 2 a.m., and since nothing was mentioned, it ended without any remarks, leading to a flood of pessimistic selling and a broad drop in stock prices along with a rise in U.S. interest rates.
