Major Wall Street indices closed over 1.5% lower on Wednesday after witnessing a volatile session during Federal Reserve Chair Jerome Powell’s policy announcement.
Although markets initially cheered the 75 basis points rate hike, which was in line with expectations, along with Powell’s indication of diminishing future hikes, the central bank’s anticipation of a higher bar for the interest rates led to a sell-off later.
Here are the five stocks that are drawing retail investors’ attention after the Fed's announcement and due to other factors:
1. Apple Inc AAPL: China has asked an industrial park housing an iPhone factory belonging to Foxconn Technology Co Ltd FXCOF to enter a seven-day lockdown on Wednesday, reported Reuters. The Zhengzhou Airport Economy Zone in central China stated it would enforce "silent management" measures with immediate effect, the report said. Shares of Apple closed 3.73% down on Wednesday, in line with the market after the Federal Reserve’s policy announcement.
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2. Amazon.com, Inc. AMZN: Amazon led the fall among big tech stocks on Wednesday after the Fed’s hawkish statement led to huge volatility in the U.S. stock market. Shares of the retail giant closed 4.82% lower on Wednesday while its market cap fell below $940 billion.
3. Tesla Inc TSLA: Tesla has reportedly shut down its first showroom in China as the electric vehicle maker looks to adjust its sales and service strategy in its second-largest market. Shares of the EV-maker closed 5.64% lower on Wednesday.
4. Ford Motor Company F: Ford’s U.S. sales fell by 10% last month as the automaker dealt with supply chain issues that caused a delay in shipments to dealers, reported CNBC. Ford reported sales of 158,327 new vehicles in October, compared to 176,000 units sold during the same month a year earlier. Shares of the company closed 2.54% lower on Wednesday.
5. Advanced Micro Devices, Inc. AMD: AMD has grabbed more market share in the lucrative data center business from rival Intel Corporation INTC in the third quarter and this has drawn praises from Wall Street analysts, reported Reuters. “(AMD) is delivering on their datacenter story, and Intel's rolling collapse has removed some of the constraints on the narrative," Bernstein analyst Stacy Rasgon wrote in a note, the report stated. Shares of AMD closed 1.73% lower on Wednesday.
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