S&P/ASX 200 Trading Higher; Fed Raised Primary Credit Rate By 0.75%

On 28 July 2022, at AEST 12:15 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 38.50 points or 0.56%, and is currently trading at 6,861.70 levels. Out of 11 sectors, 5 sectors are trading higher along with the S&P/ASX 200.

The Materials and Energy sectors are the top 2 gaining sectors, gaining 1.20% and 0.86% in their index values. On the other hand, the Utilities and Healthcare sectors are the top 2 losing sectors, declining 0.80% and 0.72% in their index values.

Tyro Payments Limited (ASX: TYR) and Zip Co Limited (ASX: ZIP) are the top gaining stocks, gaining 18.309% and 16.935% in their stock prices. On the other hand, Atlas Arteria (ASX: ALX) and Computershare Limited (ASX: CPU) are the top losing stocks and are declining 6.573% and 3.565% in their stock prices.

Factors influencing the market-

• S&P/ASX 200 is trading higher following a 2.6% rise in U.S. share prices overnight after the Federal Reserve sounded less hawkish than feared when it raised rates 75 basis points.
• Atlas Arteria’s share price dropped more than 6% after news that IFM Investors, a fund manager that had built a large position in the company, said it would not acquire the business.
• The U.S. Federal Reserve increased its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path.
• Oil prices edged up today, extending gains from the previous session, buoyed by lower crude inventories and higher gasoline demand in the United States.
• Dow has closed up 1.2%, S&P 500 up by 2.3%, and NASDAQ closed higher by 3.9%.
• Hang Seng is down by 0.21%, and FTSE 100 is up by 0.57%.

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