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US market close: Major benchmarks end week with losses

By Joseph Toppe

21:03, 17 December 2021

Federal Reserve headquarters in Washington
Stocks end week with losses after Federal Reserve announces it will raise interest rates - Photo: Shutterstock

Investors have been in a selling frenzy since early Thursday, a day after the US Federal Reserve sped up their ‘tapering’ strategy and announced plans to raise interest rates.

The Dow Jones Industrial Average plummeted 560 points, or 1.6%, the S&P 500 sank 1.2%, while the Nasdaq Composite went down 0.2%. As tech shares fell on Friday, the Nasdaq hit a session low of 1.5%.

For the week, the Nasdaq Composite is down 2.4%, while the Dow and the S&P 500 are both off over 1%.

Winners and losers: Hurting tech shares drop Nasdaq 

Tech stocks remain lower on Friday, finding only a little breathing room this week immediately following the US Federal Reserve’s Wednesday meeting.

Shares of Apple are down 0.65%, while shares of Meta Platforms and Microsoft dropped around 1% each. For the week, both Microsoft and Apple are off by 5% and 6% respectively.

In other tech stock, shares of Amazon are down nearly 1%.

Meanwhile, shares of Advanced Micro Devices (AMD) fell 0.65% on Thursday as shares of Nvidia bottomed out at 2.06%.

In the banking industry, shares of JPMorgan are down 2.26%, shares of Goldman Sachs are off by 4.05%, while shares of Bank of America are down 2.45% and shares of Wells Fargo are 4.57% lower.


4,596.80 Price
+0.710% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.7


16,001.20 Price
+0.470% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0


16,454.10 Price
+1.340% 1D Chg, %
Long position overnight fee -0.0220%
Short position overnight fee -0.0002%
Overnight fee time 22:00 (UTC)
Spread 8.0


16,908.50 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0261%
Short position overnight fee 0.0042%
Overnight fee time 22:00 (UTC)
Spread 30.0

In the aviation industry, shares of American Airlines are up 2.67% and shares of Delta Airlines have taken off 2.15%,

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Oil: Crude bottoms out to close week 

Oil futures went down on Friday to post their seventh weekly loss in eight weeks.

West Texas Intermediate crude for January delivery lost $1.52, or 2.1%, to settle at $70.86 a barrel on the New York Mercantile Exchange, while February Brent crude, the global benchmark, shed $1.50, or 2%, at $73.52 a barrel on ICE Futures Europe, for a 2.2% dip on the week.

In energy stock, shares of Exxon Mobil are down 2.16, while shares of ConocoPhillips are down 4.31%.

Gold: Yellow metal settles above $1,800

Gold futures are higher on Friday as February gold jumped $6.70, or 0.4%, to settle at $1,804.90 an ounce, while March silver added five cents, or 0.2%, at $22.533 an ounce, for a 1.5% weekly gain.

Forex: US dollar steps higher 

On Friday, one US dollar equals 0.89 of the euro, after falling to 0.88 yesterday.

The yield on the benchmark 10-year U.S. Treasury note sank to 1.3772% Friday from 1.422% Thursday.

Read more: Gold tops Read more: Gold tops $1,800 Friday in wake of Federal Reserve news,800 Friday in wake of Federal Reserve news

Markets in this article

Advanced Micro Devices Inc (Extended Hours)
121.38 USD
0.38 +0.310%
AMZN Inc (Extended Hours)
147.02 USD
1.11 +0.760%
Apple Inc (Extended Hours)
191.20 USD
1.25 +0.660%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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