Market Updates
Amazon Layoff Drags Tech Stocks, Fed Comments In Focus
Barry Adams
14 Nov, 2022
New York City
Market sentiment was weak on Wall Street after the Federal Reserve sounded a cautionary note over the weekend and the expected Republican wave failed to materialize in the midterm elections.
Over the weekend, Democratic Party won one more U.S. Senate seat, retaining control of the upper chamber of the Congress.
Democrats hold 50 seats and Republicans 49 in the U.S. Senate, Georgia Senate election results will be decided after a runoff in December.
The Republican Party is expected to win the control of the U.S. House but results of 19 elections are still not decided six days after the election.
Former President Donald Trump is set to declare his intention to run for the presidential election in 2024 on Tuesday, despite several Trump-backed high-profile election deniers losing competitive races in the midterm elections.
Market sentiment was muted in the early trading after the U.S. Federal Reserve Governor Chris Waller said on Sunday that the pace of future rate hike may be slower but the central bank is not done with fighting sky-high inflation.
Investors took note of the latest comments from Federal Reserve Vice Chair Lael Brainard, indicating that rate hike may "soon" begin to slow after several -large hikes this year.
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