Dow tanks 392 points in stock selloff after Fed signals faster rate hikes

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Dow tanks 392 points in stock selloff after Fed signals faster rate hikes

John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, warns food prices will continue to rise as manufacturers have been raising prices.

U.S. stocks ended sharply lower on Wednesday after selling picked up following the latest minutes from the Federal Reserve’s December meeting which signaled that policymakers are concerned about inflation broadening, which could accelerate planned rate hikes this year.

The Dow Jones Industrial Average, which hit a record earlier, closed down 392 points or 1%, while the S&P 500 and Nasdaq Composite dropped 1.9% and 3.3%, respectively. Investors continued to rotate out of technology.

HIRING PICKS UP WITH 807,000 JOBS CREATED: ADP

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	36407.11	-392.54	-1.07%
SP500	S&P 500	4700.58	-92.96	-1.94%
I:COMP	NASDAQ COMPOSITE INDEX	15100.174159	-522.54	-3.34%

The selling puts the Dow farther away from its next 1,000 point milestone – 37,000.

Tech

Kudlow: Go woke, go broke

‘Kudlow’ discusses Biden’s failing policies and the President’s low approval rating.

The biggest news I’ve seen today which hasn’t gotten nearly the attention it deserves is when Sen. Joe Manchin told a Fox News reporter that he has had no conversations with the Biden administration since his last interview with Fox News. Take a listen:

MANCHIN: There’s been no conversations after I made my statement. I think it’s basically, you know, and I was very clear. I just I feel as strongly today as I did then. I’m really not going to talk about Build Back Better anymore, because I think I’ve been very clear on that. There are no negotiations going on at this time.

So folks, first of all, good for Sen. Manchin for holding his ground. Second, I told you! The guy is not going to cave. I fully expect him in the next couple of days

Facebook reverses course after ‘permanently’ locking account of conservative children’s book publisher

North Carolina Republican Dan Bishop weighs in on Facebook censorship on ‘The Evening Edit’

Meta, the company that owns Facebook, has reinstated the ads account of the conservative children’s book publisher, Heroes of Liberty, after it previously told the publisher that its account had been “permanently disabled.”

Facebook originally said that Heroes of Liberty – which has published books about Supreme Court Justice Amy Coney Barrett, former President Ronald Reagan and author Thomas Sowell – violated the company’s rules against “Low Quality or Disruptive Content.” Facebook originally locked the ads account on Dec. 23, and after Heroes of Liberty appealed the ruling, the company permanently disabled the account.

“I wanted to let you know that the ads account was disabled in error and has been restored, Drew Pusateri, a spokesperson for Meta, told FOX Business on Monday.

“They proactively reached out to several members of Congress and told *them* it

Jobs report, FOMC minutes, Walgreens earnings top week ahead

Delancey Strategies president Jared Levy provides insight on the U.S. markets.

Stocks will kick off the first week of trading for 2022 with key jobs and consumer data.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	36338.3	-59.78	-0.16%
SP500	S&P 500	4766.18	-12.55	-0.26%
I:COMP	NASDAQ COMPOSITE INDEX	15644.970696	-96.59	-0.61%

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.

Monday 1/3

Jeffries Financial Group will kick off earnings for 2022 on Monday, while the Markit manufacturing purchasing manager’s index and construction spending will jumpstart the week’s economic data.

Ticker	Security	Last	Change	Change %
JEF	JEFFERIES FINANCIAL GROUP INC.	38.80	-0.19	-0.49%

Other notable events include a 5.9% increase in FedEx shipping rates for its ground, home delivery and express services and a new SEC rule that will require off-exchange issuers to make accurate, up-to-date

Eviction ban rollback didn’t result in ‘vast wave’ of filings, says Larry Summers

Check out what’s clicking on FoxBusiness.com.

Doomsayers were wrong to predict a massive wave of evictions following the removal of a ban on filings during the coronavirus, former Treasury Secretary Lawrence Summers argued on Friday.

“Four months after the COVID eviction ban was struck down, it is clear that no vast wave of evictions or evidence of broad suffering has emerged, despite the claims of many,” he tweeted. “Similar reasoning likely applies to student debt.”

EVICTIONS SLOWLY RISING AHEAD OF CHRISTMAS FOLLOWING END OF FEDERAL BAN

The Supreme Court struck down the administration’s ban on evictions, prompting an outcry from many Democrats in Congress. Goldman Sachs predicted that the U.S. would see around 750,000 evictions while the National Low Income Housing Coalition reportedly said the inevitable consequence would be “millions of people losing their homes this fall and winter.”

But a preliminary analysis by Princeton University’s Eviction Lab indicated a