Two consecutive weeks of declines in the S&P 500 have occurred
Bullard, who will become a voting member at the Fed in next year’s election, spoke out about the “unexpected inflation shock” in the U.S. and how monetary policy is “very accommodating”.
He stated that “These considerations suggest, in balance, that Federal Open Market Committee should eliminate monetary policy accommodation.”
|I:DJI||DOW JONES AVERAGES||34580.08||-59.71||-0.17%|
|I:COMP||NASDAQ COMPOSITE INCEX||15085.471504||-295.85||-1.92%|
The Dow Jones Industrial Average lost 0.17% or over 57 points, while the S&P 500 & Nasdaq Composite dropped 0.8% and 1.9% respectively, completing a volatile week.
This after the Labor Department reported that the U.S. economy added just 210,000 new nonfarm jobs last month, well below October’s stronger-than-expected tally of 546,000, which was revised higher. From 4.5%, the unemployment rate dropped to 4.2%.
Oil rose by more than 2% to $66 per barrel, but oil majors continued to decline.
|USO||UNITED STATES OIL FINDER L.P.||48.00||-0.30||-0.62%|
|XOM||EXXON MOBIL COMPANY||60.89||-0.39||-0.64%|
According to the Wall Street Journal, vaccine manufacturers are the focus of stocks. The FDA reports that they are working with them for a rapid rollout of “testing guidelines and manufacturing guidelines” for their omicron variant.
|JNJ||JOHNSON AND JOHNSON||159.38||+2.29||+1.46%|
After the Federal Trade Commission announced it would block a merger worth $40 billion, Nvidia and ARM will face a difficult battle.
Zillow’s stock price rose after Zillow announced that it was making good progress in closing down its home flipping business and that it would be buying back stock.
|ZM||ZOOM VIDEO, INC.||183.92||-7.83||-4.08%|
Tesla shares are now in focus following the sale of another portion of shares by CEO Elon Musk, approximately 1 million shares worth about $1 billion.
Didi Global, a Chinese ride-hailing company, said Friday that it would withdraw from the New York Stock Exchange to shift its listing to Hong Kong because the ruling Communist Party is tightening control over the tech industry.
|DIDI||DIDI GLOBAL INC||6.07||-1.74||-22.24%|
The Securities and Exchange Commission is requesting that U.S.-listed foreign stock like Didi, disclose their ownership structures and audit records. This could result in some stocks being delisted.
DocuSign shares plunged by more than 40% after revenue, which may have been as high as $563million, was below analysts’ estimate of $573million.