Market review – week 52
Powell is a Grinch, but there's still a week ahead, albeit a shortened one.
2 months ago
UTEX
- The major US indices lost a little over 2% for the week. The reason is the Fed meeting and the rate decision on Wednesday. Jerome Powell gave a clear signal that inflation risks remain, so rate cuts will slow down.
- Novo Nordisk fell 20% on news that its weight-loss drug missed expectations. Chevron (-7%), Home Depot (-5%), and Meta (-5%) also fell hard.
- Bitcoin is trading at $95,000 after Powell's speech: “We are not allowed to own bitcoins. The Federal Reserve Act says what we can own and we are not seeking a change in the law”.
- There's a shortened week ahead: on Wednesday, the U.S. will celebrate Catholic Christmas. There will be no reports either, so we urge you to be as careful as possible in trading.
