Fri, Nov 15, 2024 2:27 PM
Accumulate Happiest Minds Technologies; target of Rs 803: KR Choksey
A Flip by Shubhangi Gupta
A pullback in the S&P 500 that’s already trimmed about a third off the index’s post-election rally is set to continue Friday, as sticky inflation and hawkish comments from the Federal Reserve weigh on sentiment. S&P 500 futures were down 0.6% as of 4:28 a.m. in New York, extending Thursday’s decline. Contracts tracking the Nasdaq 100 dropped 0.9%.
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Between March 2022 and July 2023, the Federal Reserve raised its benchmark rate 11 times. As a result, money market account (MMA) interest rates rose sharply. However, the Fed slashed the federal funds rate by 50 basis points in September and other 25 basis points in November. So deposit rates — including money market account rates — have started falling.
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Warren Buffett's Berkshire Hathaway said on Thursday it made new investments in Domino's Pizza and Pool Corp in the third quarter, even as it retrenched from from stocks such as Apple and Bank of America. Berkshire owned 1.28 million Domino shares worth about $549 million as of Sept. 30. It also owned 404,000 shares of Pool, a distributor of swimming pool supplies, worth about $152 mn as of date.
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