The Federal Reserve (Fed) decision yesterday was… interesting. As expected, the Fed kept its rates unchanged, said that they are not confident to cut the interest rates but announced the upcoming QT tapering. The market reaction to the decision was mixed. Stocks and yields fell, the US dollar eased and US crude slipped below $80pb.
In equities, Amazon gained more than 2%, AMD fell more than 9% as Super Micro Computer tumbled 14% as earnings missed lofty expectations. Fears regarding a slowdown in chip demand pulled Nvidia and Micron Technology down. Happily, Qualcomm rebounded 4% in the afterhours trading on solid forecast for the current period.
Cannabis stocks, which were flying high on Tuesday following the US decision to reclassify marijuana as a less dangerous drug, fell yesterday, but outlook improved on US’ latest decision to reclassify marijuana as a less dangerous drug.
Today, Apple is due to report Q1 results today due after the bell.
Watch the full episode to find out more!
0:00 Intro
0:48 Fed won’t cut but slow QT
3:30 US crude slips below $80pb
4:24 Yen rallies on suspected BoJ intervention
6:14 Chips & Cannabis
8:15 Up next: Apple earnings!
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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