US down premarket ahead of new data

Thursday, 29. September 2022 10:32

Major stock indexes in the United States traded lower on Thursday in the premarket session, erasing yesterday's strong gains at the close and returning to the red territory. Yesterday, a Federal Reserve official said the Fed will likely further raise interest rates by 75 basis points (bps) in November and 50 bps in December, falling in line with another Fed official's recent predictions.

However, the US dollar strengthened during the day against the British pound and the Eurozone's currency, leading to a drop in value of precious metals after their volatile session a day before. Oil prices also marked a drop in prices, falling by almost 2%. On the other hand, the US will publish new data on its second quarter GDP results and initial jobless claims during the day.

The Dow Jones dropped by 0.95% or 281 points at 4:35 am ET. The Nasdaq 100 edged down 1.43% or 163 points a minute later. The S&P 500 decreased by 1.25% at 4:37 am ET. The euro traded 0.90% lower against the dollar at 4:31 am ET, selling for 0.96477.

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