As traders sought to price the forecast for interest rates, stock values have been wiped away by more than $5 trillion this year. Markets were expecting four quarter-point rises in 2022, but that number jumped to five after Fed Chair Jerome Powell said the economy and job market could withstand a quicker pace if necessary.
McDonald’s (NYSE: MCD) stock initially dropped after missing fourth-quarter top and bottom-line projections however, it finished the week up at just over $256.
In the fourth quarter, Blackstone’s total assets under management increased by 42% to $880.9 billion, above Wall Street’s expectation of $818.6 billion and marking the company’s strongest growth in almost a decade.
In subdued activity, Chicago wheat prices edged up, while corn and soybeans held steady near multi-month highs. The dollar is set to have its best week in seven months as traders price in interest rate hikes in the United States in the coming months, putting pressure on dollar-priced commodities.
Oil prices have risen because of supply concerns; as major producers maintain a policy of modest output increases in the face of increased fuel demand.