June 8, 2023

Dubai Week

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The performance of US stocks at the end of the week was different

At the end of the trading session on Friday, June 17, 2022, the performance of US stock indices diverged at the end of the week, and the performance of US market indices saw significant fluctuations.

US indices in the Friday session of June 17, 2022

The Dow Jones Industrial Average fell 0.1%, or 38 points, to 29,888, bringing its weekly losses to 4.8%.

The broader “Standard & Poor’s 500” index rose 0.2% or 8 points to 3,674 points, but lost 5.8% weekly.

The “Nasdaq” index rose 1.4% or 152 points to 10,798.

US Federal Reserve raises interest rates

The central bank raised interest rates by 75 basis points this week, the largest increase since 1994, indicating the possibility of a similar rate hike at next July’s meeting.

As the Federal Reserve lowered its growth forecasts and raised unemployment estimates for the next two years, fears of a recession in the US economy increased due to the tightening of monetary policy.

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European and Japanese stocks in the Friday session of June 17, 2022

In European markets, during the session on Friday, June 17, 2022, the European “Stoxx 600” index rose 0.09% or 0.4 points to 403 points, while the French “CAC” index fell 0.06% or 3 points to 5882 one point.

The German “DAX” index was up 0.7% at about 88 points at 13,126 points, while the British “FTSE 100” index was down 0.4% at 7016 points, up about 28 points.

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In Japan, the “Nikkei” index fell 1.8% to 25,963 points, and the broader “TOPIX” index fell 1.7% to 1835 points.