US stock markets closed after Powell statements in the red – Tupperware shares fell 40 percent

new York Investors had been waiting eagerly for the interest rate decision by the US Federal Reserve and had held back in advance. Then it was clear: The Fed is fighting persistently high inflation with the fourth major rate hike in a row. It raised the key interest rate again by three-quarters of a percentage point on Wednesday – to the new range of 3.75 to 4.00 percent.

The stock markets initially reacted positively to the news. The broad S&P 500, the leading index Dow Jones and the technology-heavy Nasdaq shot up significantly immediately after the interest rate decision. However, during Fed Chair Jerome Powell’s press conference, the indices gave back their gains. The Dow Jones closed down 1.6 percent to 32,147.76 points. The market-wide S&P 500 lost 2.5 percent to 3759.69 points. The Nasdaq 100, which is dominated by technology stocks, suffered worse with minus 3.4 percent to 10,906.34 points.