Chicago, Illinois, Sep 29, 2022 (News Direct via Comtex) -- --News Direct--
The consumer price index (CPI) report issued last week sent the world’s markets scrambling toward their yearly lows.
The report indicated the presence of rising inflation despite a steady increase in federal rate hikes throughout the year. Specifically, the CPI reading came in at 8.3% in August, a percentage increase largely influenced by the rising prices of energy around the globe. In response to this, the Federal Reserve issued yet another rate hike by three-quarters of a percent.
“We have to get inflation behind us. I wish there was a painless way to do that. There isn’t,” Federal Reserve Board Chair Jerome Powell said.
Cboe Global Markets Inc. (bats:CBOE) reports that all the exchange-traded funds (ETFs) and indices recorded in this series experienced a price decline last week. This finding perhaps indicates economic weakness extending onto a global scale.
The cryptocurrency market has largely mimicked its traditional counterparts, experiencing declines in both Bitcoin (crypto:BTC) and Ethereum (crypto:ETH). Perhaps notable is Solana ’s (crypto:SOL) resistance to this overall market decline; the coin experienced a slight price ascension last week.
FedEx Corp. /zigman2/quotes/203047719/composite FDX +0.19% wins chart of the week, following a negative surprise to an earnings report that sends the stock share price down significantly.
Finally, Cboe notes earnings reports that may raise investors’ eyebrows in the following week.
The SPDR S&P 500 ETF (nysearca:SPY) decreased by 4.57% last week, nearing yearly lows.
The Invesco QQQ Trust Series 1 /zigman2/quotes/208575548/composite QQQ -0.66% decreased by 4.77% last week, mirroring the SPY’s overall movements.
The iShares Russell 2000 ETF /zigman2/quotes/209961116/composite IWM +0.21% decreased by 6.53% last week.
The Cboe Volatility Index™ (indexcboe:VIX) increased by 13.68% last week.
The iShares Core MSCI Europe ETF (nysearca:IEUR) decreased by 7.55% week-on-week.
The iShares FTSE 100 UCITS ETF /zigman2/quotes/203510042/delayed UK:ISF +0.31% decreased by 0.63% week-on-week.
The iShares Core DAX UCITS ETF (bit:EXS1) decreased by 3.57% week-on-week.
The Lyxor CAC 40 ETF (epa:CAC) decreased by 4.64% week-on-week.
Shares of BJ’s Wholesale Club Holdings Inc. /zigman2/quotes/203668982/composite BJ +0.71% , an American membership-only warehouse club chain, have been steadily rising over the past couple of months, showing strength in a weak market.