May 20, 2022

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Stocks plummet, Fed Powell warns of inflation

Stocks plummet, Fed Powell warns of inflation

sell american stocks It accelerated in afternoon trading after Federal Reserve Chairman Jerome Powell gave a fresh warning about inflation.

“Inflation expectations have deteriorated significantly this year even before the Russian invasion of Ukraine,” he told the National Association for Business Economics.

tape protection the last they change they change %
Me: DJI Dow Jones averages 34472.2 -282.73 -0.81%
SP500 Standard & Poor’s 500 4445.49 -17.63 -0.40%
I: COMP Nasdaq Composite Index 13767.854762 -125.98 -0.91%

The Dow Jones Industrial Average is down more than 300 points, or 0.9%, while the S&P 500 and Nasdaq Composite are down 0.5% and 1%.

Russia invades Ukraine: live updates

Powell’s warning comes just days after policy makers announced their first rate hike in three years by 25 basis points and hinted that another six could come this year.

The crisis of Russia and Ukraine will hit the global economy: Nabi survey

US stocks were trending lower early Monday morning after last week’s gains put the market in positive territory for March. (Courtney Crowe/NYSE via AP/AP Images)

Russia will open stock market this week: the effect will be “internal”, not global

In deal news, Warren Buffett’s Berkshire Hathaway is expanding its insurance portfolio by buying Allegheny for $11.6 billion and putting a portion of $144+ billion in cash to work. The deal will expand Berkshire’s already large insurance holdings, including brands such as Geico auto insurance.

The Omaha, Nebraska company revealed last week that it has accumulated 14.6 stakes in oil-producing Occidental Petroleum, and has acquired additional shares worth $1 billion.

tape protection the last they change they change %
s Allegany Corporation. 840.48 +164.54 + 24.34%
BRK.B BERKSHIRE HATHAWAY INC. 349.38 +6.96 + 2.03%
OXY OCCIDENTAL PETROLEUM CORP. 61.04 +4.80 + 8.53%

Boeing Stocks fell after a 737 airliner with 132 people on board crashed in southern Guangxi Province on Monday, officials said.

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tape protection the last they change they change %
Bachelor’s Boeing Company 185.55 -7.26 -3.77%
CE China Eastern Airlines 17.66 -1.37 -7.20%

Elsewhere, Disney closed a Shanghai theme park as the city tried to control the biggest outbreak of the coronavirus in two years. The Southern Business Center in Shenzhen has allowed stores and offices to reopen after a week-long closure.

tape protection the last they change they change %
dis The Walt Disney Company. 140.30 +0.83 + 0.60%

After the bell, Nike will announce its earnings.

tape protection the last they change they change %
NKE Nike Inc. 130.04 -1.17 -0.89%

The price of US oil was $109 a barrel, while global benchmark Brent crude rose to $115. Gas prices, per AAA, are hovering under $4.30 per gallon.

tape protection the last they change they change %
USO United States Petroleum Fund LP 74.64 +0.96 + 1.30%
BNO United STS BRENT OIL FD LP UNIT 31.79 +2.00 + 6.71%
UGA Partnership Units in the United States Gasoline Fund LP 59.24 +2.40 + 4.22%

In cryptocurrencies, Bitcoin is trading above the $40,000 level.

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The Associated Press contributed to this report.

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