U.S. indices fell sharply wire-to-wire Thursday in the aftermath of Wednesday's historic rate hike by the Federal Reserve. The Fed raised the key interest rate by 50 basis points, its first rate hike of at least half a percentage point in more than 20 years.
The U.S. Bureau of Labor Statistics reported today that nonfarm business sector labor productivity decreased 7.5% in the first quarter of 2022, as output decreased 2.4% and hours worked increased 5.5%. The Bureau of Labor Statistics added this is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7%.
- The Nasdaq composite finished lower by 4.99% to 12,317; The Invesco QQQ Trust Series 1 (NASDAQ: QQQ) lost 5.04% to $313.00
- The S&P 500 traded lower by 3.55% to 4,147; The SPDR S&P 500 ETF Trust (NASDAQ: SPY (NYSE:SPY)) lost 3.55% to $413.81
- The Dow Jones composite finished lower by 2.77% to 11,345; The SPDR Dow Jones Industrial Average ETF Trust (NASDAQ: NYSE:DIA) finished lower by 3.04% at $330.24
Booking (NASDAQ:BKNG) Holdings Inc (NASDAQ: BKNG) and Charter Communications Inc (NASDAQ: NASDAQ:CHTR) were among the top gainers for the QQQ.
Pinduoduo Inc - ADR (NASDAQ: PDD), eBay Inc (NASDAQ: NASDAQ:EBAY) and Cognizant Technology Solutions Corp (NASDAQ: NASDAQ:CTSH) were among the top losers for the Nasdaq-100.
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