Wall Street’s main indexes closed lower, as pressure increased on technology and growth stocks. Nasdaq led the decline to 2.26%, followed by the S&P 500 and Dow Jones which fell 1.26% and 0.80%, respectively. Federal Reserve Governor Lael Brainard said that the US central bank is ready to be more aggressive in dealing with US inflation. Meanwhile, strengthening defensive stocks pushed Wall Street deeper.
Ignoring the signals of recession and the risk of stagflation, JCI hit another alltime high, closing up 0.5% to 7,148. The risk of stagflation, in which the economy stagnates but inflation is high, re-emerged after the price of benchmark West Texas Intermediate crude oil rose 4% or closed again above the psychological level of USD 100 per barrel. The increase in oil prices came after the German Chancellor said that Western countries would announce new sanctions against Russia. NHKSI Research projects that the JCI will move upward with a range of 7,100 to 7,200.
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