The US stock market fell on Thursday, with the Dow Jones Industrial Average falling more than 1,000 points. The S&P 500 was down 4%, while the Nasdaq 100 fell as much as 6%.
The decline on Thursday was the worst since June 11, 2020, when the 30-member index plunged more than 1,800 points. The S&P 500 is only down 2.5% so far this week, despite the volatility.
The Federal Reserve Chair's comments from yesterday's meeting of the Federal Open Market Committee helped spark a near-1,000 point rally in the Dow at the end of Wednesday's session, which was its best day since 2020.
Powell said during his question-and-answer session that a 75-basis-point rate hike is currently not under consideration by the central bank. The Fed said it would begin to reduce its balance sheet in June.
At 4:00 p.m., the US indexes stood here. The close is on Thursday.
Most of the companies reporting first-quarter earnings are beating analyst estimates. Of the 351 companies on the S&P 500 that have already reported earnings, 80% of them topped profit estimates. According to data from Fundstrat, 70% of companies have beaten estimates on revenue.
E-commerce companies plummeted on Thursday after they announced disappointing first-quarter results. The companies' shares fell as much as 18% on Thursday.
The Bank of England raised interest rates by 25 basis points for the fourth meeting in a row, even as it predicted a rapid slowdown in economic growth. The rate went up to 1%, the highest level since 2009.
Musk disclosed $7 billion in new funding commitments for his $44 billion takeover of the social-media platform. Musk said he received letters from 19 investors. $1 billion from Larry Ellison is one of the top commitments.
Adding to the fire that the criptocurrency is not a hedge against rising inflation, it cratered as much as 10% on Thursday to below $36,000.
The price of oil went up after theOPEC+ maintained its gradual pace of output increases. The price of West Texas Intermediate crude oil jumped as much as 3%. The international benchmark for crude oil rose as much as 3%.
It fell to $35,998. The price of ether fell to $2,727.
The price of gold jumped as much as 1.93%. The yield on the 10-year Treasury went up.
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