The new week has begun with losses for most indices, as the spike in oil and chip sector worries put investors in cautious mode ahead of the Fed decision, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stocks slip as Oil gains
“Everyone is worried about oil prices, and what they will mean for inflation figures heading into the end of the year. While the recent pickup in US price growth is unlikely to shift the Fed into hiking on Wednesday, another hike before year-end seems more plausible.”
Chip stocks lead the fallers
“Friday’s worries about the chip sector have spread to other stocks too as recession fears return. These have never been very far beneath the surface, and have come bubbling back following TSMC’s warning on Friday.”
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