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STOCK UPDATE: 9.25.22
Federal Reserve Hikes Rates for the Third Time
In response to stubborn inflation rates, which are reaching a record high since levels in the early 1980s, the Federal Reserve has continued to increase benchmark interest rates. Now the third consecutive hike, by a value of 0.75%, these rates have reached a range of 3.0% to 3.25%. The Federal Reserve has remained relentless in their pursuit to reduce inflation to a rate of 2%, and financial analysts hold their breath as these rate hikes tumbled U.S. stocks Wednesday morning.
Market Optimism Amidst Analyst Pessimism
STITCH FIX (NASDAQ: SFIX)
Share Price: $4.85 USD
Market Cap: 524.63M
Backstory: Stitch Fix is an online personalized styling service which sends customized styles to consumers developed from machine learning software, to optimize consumer satisfaction. Clothing is often personalized based on size, budget and style. Founded in 2011, the company had an initial public offering in 2017 with an initial valuation of $1.6 billion.
Current News: The market closed with benchmark indexes such as Nasdaq and Dow Jones down by 1.8% and 1.7% respectively, but there are notable rebound stories. Stitch Fix (SFIX), an online personal styling service, experienced a rise in shares by 3%. This growth follows a disappointment by the company in revenue and client pool. After the release of quarter four numbers, analysts were not optimistic about the potential of Stitch Fix. Although, the market has not shared this pessimism.