NEW YORK, July 7 —Wall Street’s main indexes were set to open higher today as investors assessed the outlook for monetary policy amid growing concerns about an economic downturn following aggressive interest rate hikes to tackle inflation.
The Fed raised its policy rate by three-quarters of a percentage point in June, the biggest since 1994, with market participants anticipating a similar move in July. “If next week’s inflation data is soft, 50 bps hike is on the table ... that is a good thing, especially when we were talking about 75 and some Fed members were saying as much as one point.” As central banks across the world move to aggressively raise borrowing costs, fears of a recession have mounted, with oil and commodity prices also taking a hit in the recent days.
GameStop Corp’s shares rose 5.6 per cent in premarket trading as the videogame retailer’s board approved a four-for-one stock split.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaymail - 🏆 1. / 86 Read more »