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Cloud stocks creamed as Fed indicates more rate hikes are coming

Por: CNBC Tech November 03, 2022

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Henry SchuckCNBCInvestors pounded cloud software stocks on Wednesday on concern that interest rates will rise for longer than previously expected.Initially stocks moved higher as the Federal Reserve announced it would increase its benchmark rate by 75 basis points. But after Powell began speaking at the central bank's press conference, equities reversed their gains and fell to session lows.Jerome Powell, chair of the Federal Reserve, said... + full article



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