Once again, US stocks ended lower on Tuesday after another volatile session as investors await the outcome of a meeting of Federal Reserve officials.
The Dow Jones Industrial Average was down 0.19% near 34,297 after dropping more than 800 points at its session low. That followed the 1,000 point swing on Monday. On Tuesday, the S&P 500 fell 1.2% to finish near 4,356,, while the NASDAQ declined 2.3% to close near 13,539.
Wealthy investor Mike Novogratz says the days of making easy money on Wall Street are coming to a swift end and he sees more pain in store for stock-market investors in coming months. “I look at the stock market and it is just starting to correct and that worries me more,” he said – adding when referring to crypto. “I’m still a true believer but it’s time for sobriety”. He told attendees of the iConnections conference in Florida on Tuesday that the “average rich guy is going to be less rich by the end of 2022 than he was at the end of 2021.”
Of course the Federal Reserve kicks off its two-day meeting Tuesday. Investors will be watching to see “if Fed chairman Jerome Powell continues to address the risk of inflation as heightened and any sort of communication about ending the taper early,” John Luke Tyner, Portfolio Manager at Aptus Capital Advisors said. If the Fed hints “at any plan of how they’ll use the balance sheet to reduce accommodation that is going to be huge.”
Inconveniently, The International Monetary Fund has downgraded its global growth forecast for this year as rising Covid-19 cases, supply chain disruptions and higher inflation hamper economic recovery. In its delayed World Economic Outlook report, published yesterday, the IMF said it expects global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 — with this year’s figure being half a percentage point lower than previously estimated.
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