Wall Street starts in the red. Bed, Bath & Beyond lose $1 billion in two days

Wall Street started the session in the red, on a day when investors digested the statements of many members of the “hawk” wing of the US Federal Reserve. The session still saw the fall of Bed, Bath & Beyond and the hemorrhage of listed companies in the crypto sector.

The global benchmark S&P 500 index lost 0.68% to 4,255.06 points, while the Dow Jones Industrial Average lost 0.47% to 33838.97 points. For its part, the Nasdaq Technology Composite Index fell 1.01% to 12,834.56 points.

Just two days after the release of the minutes of the Federal Reserve’s last meeting in July, which warned of the risk of “inflation taking root in the economy,” two FOMC members – James Bullard and Esther George – confirmed, citing Bloomberg, on the need to continue raising interest rates to ensure inflation reaches the 2% target.

“It is clear that the Fed’s main objective is to ensure that inflation is lowered, although it is aware of the risk that this could derail the economy,” commented Richard Hunter, head of markets at Interactive Investor, citing Bloomberg.

For the expert, comments from central bank leaders in St. Louis and Kansas “suggest that there is still some way to go before declaring victory over inflation.”

Regarding major monetary policy developments in the US, investors’ attention now turns to the Federal Reserve’s annual Jackson Hole Symposium which is scheduled to take place at the end of next week.

Among the major market moves, a 42.09% decline in Bed, Bath & Beyond was evident, continuing the trend in the North American “primary market.”

This week, GameStop President Ryan Cohen sold all shares for a global value of $189.3 million, it was announced after the close of Thursday’s session on Wall Street, confirming rumors already circulating in the newspapers. . The businessman made a profit of 68.1 million US dollars from the sale of his share in the capital of the company.

Since the start of Thursday’s session, the towel company has already lost about $992 million, according to Negócios’ calculations, based on data provided by Bloomberg.

Also of note were Coinbase bonds, which fell by 8.75%, as well as shares of Marathon Digital Holdings (-11.32%) and Riot Blockchain (-8.81%), which fell along with the faltering Bitcoin that continues to renew its three-week minimum. .