Dow Jones Stock Market Today – 5 things you need to know today
1. Big stock market drop predicted today
it looked safe to go into the stock market, experts are tipping a big drop
today. Spooking share players on Friday on Wall Street were comments by a US
central bank official who said US interest rates would have to rise next year.
Only a week ago, the official line was rates would rise in 2024, and then it
became 2023, which the stock market didn’t like. Only one official has
speculated that it would be 2022, and he could be wrong. But the short-term
influencers who play stocks will use any reason to sell or buy. I suspect this
will be a short-term sell off and a buying opportunity for the courageous.
2. Westpac tips rate rises in 2023
on interest rates here is changing too, with Westpac tipping rates will rise in
2023. One of Australia’s best interest rate tipsters, Westpac’s chief
economist, Bill Evans, has looked at last week’s big fall in unemployment from
5.5% to 5.1% and is now telling us the Reserve Bank will have to hike rates in
2023. But that’s still at least 18 months away!
3. Local company bites into Apple & Spotify
A local company is cutting a slice of the song market dominated by Spotify and Apple, raising a sweet sounding US$50 million. The company is called Songtradr. This was a Series D funding round which usually goes before a listing on the stock market. That looks likely next year, with Songtradr providing a Spotify-like product to businesses rather than consumers, which is proving to be a big hit with its customers.
4. 19,000kg of pistachios stolen in illegal operation
A truck driver for a pistachio company in California has been arrested after 42,000lbs (19,000kg) of nuts were reported to the police as missing. The man allegedly planned to resell the pistachios and was storing them in 2,000lbs (900kg) bags in a semi-trailer near the business.
5. Dow down more than 3% for the week
Last week, the Dow Jones fell by 3.45% to 33,290.08 and the S&P 500 dropped by 1.91% to 4,166.45, while the Nasdaq had a less significant decline of 0.28% to 14,040.38. The S&P/ASX 200 managed to rise 0.77% throughout the week to 7,368.90.
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