NEW YORK, NY / ACCESSWIRE / December 20, 2018 /U.S. equities closed down on Wednesday as the anticipated interest rate increase was confirmed by the Federal Reserve, following Chairman Jerome Powell’s speech. The Fed said it will raise interest rates by a quarter percentage, from 2.25 percent to 2.5 percent. The Dow Jones Industrial Average fell 1.49 percent to close at 23,323.66, while the S&P 500 Index decreased 1.54 percent to close at 2,506.96. The Nasdaq Composite Index slumped 2.17 percent to close at 6,636.83.
According to the Vice President of State Street Global Advisors Matthew John Bartolini, “The Fed is talking out of two sides of its mouth, and that just creates more uncertainty.”
“It’s telling the market it thinks growth will slow in the future while raising its forecast for unemployment in 2020, signaling they think there will be economic turmoil just 18 months from now,” Bartolini added.
The Market Edge Initiates Coverage on:
Seagate Technology plc
Western Digital Corporation
Seagate Technology’s stock moved 3.08% lower Wednesday, to close the day at $36.18. The stock recorded a trading volume of 5,129,343 shares, which was above its three months average volume of 4,246,039 shares. In the last year, Seagate Technology’s shares have traded in a range of 35.78 - 62.70. The share price has gained 1.12% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $42.14 is below its 200-day moving average of $49.78. Shares of the company are trading at a Price to Earnings ratio of 7.28. Shares of Seagate Technology have fallen roughly 13.98 percent in the past month and are down 13.53 percent year-to-date.
Access The Market Edge's Seagate Technology plc Research Report:
On Wednesday, shares of Western Digital recorded a trading volume of 7,948,108 shares, which was above the three months average volume of 5,917,060 shares. The stock ended the day 5.53% lower at $36.58. The share price has fallen 65.8% from its 52 week high with a 52 week trading range of 36.13 - 106.96. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $44.77 is below its 200-day moving average of $61.53. Shares of the company are trading at a Price to Earnings ratio of 22.20. Shares of Western Digital have fallen roughly 18.91 percent in the past month and are down 54 percent year-to-date.
Access The Market Edge's Western Digital Corporation Research Report:
The Market Edge
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
The Market Edge has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of MarketEdgeReport.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. MarketEdgeReport.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.marketedgereport.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
The Market Edge, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.