Business
US stocks retreat ahead of Fed meeting
New York: US stocks reversed early gains to end sharply lower on Wednesday as investors remained cautious ahead of the Federal Reserve’s policy meeting next week.
The Dow Jones Industrial Average dipped 239.11 points, or 1.45 percent, to 16,253.57. The S&P 500 lost 27.37 points, or 1.39 percent, to 1,942.04. The Nasdaq Composite Index was down 55.40 points, or 1.15 percent, to 4,756.53, as per reports.
Wall Street followed the Fed closely ahead of its key policy meeting next week, when the US central bank could raise interest rates for the first time in more than nine years.
The US Labour Department showed on Wednesday that the number of job openings again rose to a high of 5.8 million on the last business day of July.
Some analysts believe the possibility for the Fed to raise interest rates this month is higher as the US job market continued its steady growth momentum.
“The Fed expects the job market will tighten as long as it waits to raise rates. Hence, the FOMC (Federal Open Market Committee) must weigh the risks to markets from a gradual tightening starting now or a faster tightening if they delay,” chief economist at FTN Financial Chris Low said in a note.
Meanwhile, the diving oil prices, which dragged the energy sector down 1.94 percent as the biggest laggard among the S&P 500’s ten sectors, also weighed on market sentiment.
Overseas stock markets, however, increased broadly Wednesday.
In Asia, Japanese equities soared 7.71 percent with its benchmark Nikkei stock index notching its biggest percentage gain since October 2008, as steep gains in global stock markets overnight triggered a rebound from recent losses.
Chinese shares gained for the second straight day Wednesday following the government’s new fiscal stimulus measures, with the benchmark Shanghai Composite Index rising 2.29 percent.
European shares also finished higher on Asia stimulus hopes Wednesday, with French benchmark index CAC 40 going up 1.44 percent.
The CBOE Volatility Index, often referred to as Wall Street’s fear gauge, increased 5.34 percent to end at 26.23 on Wednesday.
In other markets, the US dollar climbed against most major currencies following overall rises across global equity markets.
In late New York trading, the euro rose to 1.1198 dollars from 1.1187 dollars in the previous session, while the dollar bought 120.56 Japanese yen, higher than 119.99 yen of the previous session.
Gold futures on the COMEX division of the New York Mercantile Exchange extended losses and settled at the lowest price in a month as US dollar turned higher.
The most active gold contract for December delivery lost 19.00 dollars, or 1.69 percent, to settle at 1,102.00 dollars per ounce.
Business
Apple is giving a huge discount on its gadgets: Details inside
If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.
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Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.
Amazon Summer Sale May 2022: Discount offer on iPhone 13
Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.
If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.
Buy at Rs. 64,900 (MRP – Rs. 79,900)
Features of Apple iPhone 13
The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.
The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.