Markets End Mixed as Fed Minutes Show Hawkish Stand

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published February 22, 2023
Table showing the performance of major U.S. financial indexes on Feb. 22, 2023

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  • Major U.S. equities indexes were mixed on Feb. 22, 2023, with minutes from the latest Fed meeting exacerbating inflation and interest rate concerns.
  • The Nasdaq managed to post a small gain for Wednesday's session, while the Dow and the S&P 500 closed slightly lower.
  • Amazon (AMZN) shares climbed as the company completed its purchase of primary care provider One Medical.

U.S. equities were mixed after minutes from the last Federal Reserve meeting showed policymakers determined to bring inflation down, and some wanted to raise interest rates even more than expected. The Dow and S&P 500 fell, while the Nasdaq posted a small gain.

Oil futures tumbled on concern that higher rates will reduce demand, and that sent shares of fossil fuel-related firms lower. Intel (INTC) shares sank as the chip company announced that it is reducing its dividend as part of its effort to cut costs. Shares of Walmart (WMT) slumped after the company sold its online outdoor retailing unit, Moosejaw, to Dick's Sporting Goods (DKS).

Keysight Technologies (KEYS) was the worst-performing stock in the S&P 500 on the electronics testing equipment maker's current quarter sales outlook. A Department of Justice subpoena and less-than-expected full-year guidance dragged down shares of Charles River Laboratories (CRL). News Corp (NWSA) shares sank on word that talks to sell the media company's real estate listing business to CoStar Group (CSGP) have ended. Shares of CoStar Group also tumbled.

Amazon Closes Deal

Amazon (AMZN) shares rose as it completed its $3.9 billion purchase of primary care provider One Medical and the Federal Trade Commission (FTC) said that it would not block the transaction. Shares of Caesars Entertainment (CZR) jumped as the casino operator's revenue exceeded forecasts, and it significantly reduced its net loss. Shares of Las Vegas Sands (LVS) and other rivals also gained. Warner Bros. Discovery (WBD) shares moved higher ahead of the entertainment firm's earnings report. 

The yield on the 10-year Treasury note declined. Gold prices lost 0.5%. The U.S. dollar advanced against the euro, pound, and yen. The selloff in cryptocurrencies continued, with Bitcoin (BTC/USD), Ether (ETH/USD), and other major digital coins trading lower.

Table showing the S&P 500 stocks with the biggest gains and losses on Feb. 22. 2023

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