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On February 8th, Luke Lango is making his biggest call of 2023. He’s recommending technology (that you’ve likely never heard of) that could help 122 million people… And mint up to $3 trillion in wealth.

Wed, February 8 at 8:00PM ET

Market Update: Why Are Stocks Down Today?

Stocks are down with the market taking a beating today and we are diving into why in our market update for Thursday!

top stocks: skyscraper buildings viewed from the ground with Wall Street street sign in the foreground (Why Are Stocks Down Today)

Source: Shutterstock

Both the Nasdaq Composite and S&P 500 are slipping today as the stock market feels the ongoing effects of the war between Russia and Ukraine. However, there are other factors affecting stocks today that investors need to know about.

That includes Federal Reserve Chairman Jerome H. Powell weighing in on the war and how it affects the Fed’s plans. The simple explanation is that Powell and the Fed aren’t ready to make any changes to their plans just yet.

So what does that mean exactly for investors? Higher interest rates for one. The Fed Chairman says that the organization intends to move forward with plans to increase interest rates during its meeting later this month.

The decision to increase interest rates was discussed earlier this year as a way to combat rising inflation. While the war in Ukraine has unsettled the stock market, Powell says it has yet to affect the U.S. economy, which is why the Fed’s interest rate plans are still underway.

Here’s a portion of what Powell had to say on the matter, as collected from The New York Times.

“The question now really is how the invasion of Ukraine, the ongoing war, the response from nations around the world — including sanctions — may have changed that expectation. It’s too soon to say for sure, but for now I would say that we will proceed carefully along the lines of that plan.”

The Nasdaq Composite and S&P 500 are both down nearly 1% as of Thursday afternoon.

There’s more stock market news that traders will want to know about below!

Among that is the latest stock market stories traders need to keep up on! That includes what to know about fertilizer shortages this year, Exxon (NYSE:XOM) stock price predictions, as well as C3.ai (NYSE:AI) stock news. You can find all of that at the following links!

More Stock Market News for Thursday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/03/market-update-why-are-stocks-down-today-march-3/.

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