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Stock Market Today: Dow Jumps Despite Rising Fed-Hike Bets; Meme Stocks Return

Stock Markets Mar 22, 2022 04:25PM ET
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© Reuters

By Yasin Ebrahim

Investing.com –  Stocks climbed Tuesday, as growth stocks sidestepped growing expectations for the Federal Reserve to turn more aggressive on rate hikes, while meme-stocks including GameStop returned to rally mode.  

The Dow Jones Industrial Average gained 0.7%, or 254 points, the S&P 500 rose 1.1%, the Nasdaq rose 1.9%.

Federal Reserve Bank of St. Louis President James Bullard stressed the need for the Fed to move faster and more aggressively on rate hikes to curb the pace of inflation.

The remarks arrived a day after Fed Chairman Jerome Powell said the central bank would be prepared to hike by more than 25 basis points at upcoming meetings to “ensure a return to price stability.”

Wall Street was quick to price in steeper hikes following Powell’s comments, with Goldman Sachs now forecasting a 50 basis point hike at the Fed’s May and June meetings.

Regional banks paired some of their recent losses helping the broader financials sector rise more than 1% as rising rates boost the net interest margin of banks.

SVB Financial (NASDAQ:SIVB), Wells Fargo (NYSE:WFC), and First Republic Bank (NYSE:FRC) led the move higher.

Growth sectors of the market including big tech didn’t waver under the pressure of the rising yields.

Meta Platforms (NASDAQ:FB) Amazon (NASDAQ:AMZN) Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), and Apple (NASDAQ:AAPL) ended the day in the green. 

Chinese tech stocks were also in the ascendency, supported by a surge in Alibaba Group (NYSE:BABA) after the e-commerce announced boosted its share buyback program to a record $25 billion.

JD.com (NASDAQ:JD) and Pinduoduo (NASDAQ:PDD) also rose on Tuesday.

Tesla (NASDAQ:TSLA), meanwhile, jumped more than 7% after the electric vehicle maker officially opened its Gigafactory in Berlin. The move is expected to boost Tesla’s market share in Europe.

The opening of Giga Berlin “should further vault its [Tesla’s] market share within Europe over the coming years as more consumers aggressively head down the EV path,” Wedbush said in a note Monday.

On the earnings front, Nike (NYSE:NKE), a sizeable Dow Jones index component, rose more than 2% after reporting better-than-expected quarterly results. 

“Recent results and commentary from senior leadership of the company show clearly that NKE is managing well various external headwinds, including ongoing supply chain distributions and geopolitical tensions, across the globe,” Oppenheimer said in a note. “We are optimistic that money will soon flow back into NKE shares.”

Energy stocks gave back some of their gains from a day earlier as oil prices turned negative on signs the European Union is unlikely to join the U.S. in banning Russian oil.

Tuesday also marked the return of retail investor appetite into the so-called meme stocks, with GameStop (NYSE:GME) surging 30%, AMC Entertainment (NYSE:AMC) up 15% and Express Inc (NYSE:EXPR) up nearly 10%.

Stock Market Today: Dow Jumps Despite Rising Fed-Hike Bets; Meme Stocks Return
 

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Comments (10)
Marco cuevas
Marco cuevas Mar 23, 2022 5:39AM ET
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Powell calling.his.friends: Buy puts buy puts!!! Don't forget about my cut.
Alex Chan
Alex Chan Mar 23, 2022 1:32AM ET
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yes sir Mr jp Morgan ... I will buy into your shorts lol 🤣
Adam Paine
Adam Paine Mar 22, 2022 9:33PM ET
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the rise before the fall. it's textbook
JAMES CUNHA
JAMES CUNHA Mar 22, 2022 8:10PM ET
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Tomorrow, Mr. Wall Street, aka Powell, gets to give another silly speech about how aggressive the Fed will be in tackling inflation that is expected to reach above 8% next month.  I guess he considers a rate hike of .25% as being "aggressive" when inflation is at 8%. lmao  You can't help but laugh.
Adam Paine
Adam Paine Mar 22, 2022 8:10PM ET
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I laugh at the fact we say 8% inflation. it's obviously way more than that but it sounds good right? laughing all the way to the end
Stan Smith
Stan Smith Mar 22, 2022 8:02PM ET
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DOW jumps despite anything and everything. Talk about a FED induced melt up!
ryan LATSHAW
ryan LATSHAW Mar 22, 2022 7:28PM ET
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GHSI back up we go!!!! 🚀🚀🚀🚀🚀
ja aa
ja aa Mar 22, 2022 6:50PM ET
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Meme stocks never left. You just weren't paying attention. They, due to naked shorting, will be both the cause and only survivors when the market fails. Winter is coming.
Nucch Nucch
Nucch Mar 22, 2022 6:50PM ET
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hahahahhahaha
Chih Pin Wu
Chih Pin Wu Mar 22, 2022 6:46PM ET
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The patient is dying, but suddenly healed without medicine, the stock market is really interesting
Christos Rousakis
Christos Rousakis Mar 22, 2022 4:40PM ET
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American circusssss American junk this is America one big lie
Mitchel Pioneer
Mitchel Pioneer Mar 22, 2022 4:31PM ET
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Another award winning day of comedy in the biggest investment JOKE in the world.
Zach Earle
Zach Earle Mar 22, 2022 4:31PM ET
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You're a joke.
Patrick Joly
Patrick Joly Mar 22, 2022 4:31PM ET
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no...he is a idiot.
Patrick Joly
Patrick Joly Mar 22, 2022 4:31PM ET
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no, he is the biggest joke in the world.
Elvis Durant
Elvis Durant Mar 22, 2022 4:31PM ET
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Pioneer ain't kidding. it's a joke past 2yrs
 
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