Wall Street closed lower for the fourth straight session, rocked by fears that the monetary tightening initiated by the Fed to curb inflation could plunge the stars and stripes economy into recession. The Dow Jones lost 0.50% to 32,756 points and the S&P 500 lost 0.91% to 3,817. The Nasdaq hit harder where interest rate tensions weigh most: the tech stock index fell 1.49% to 10,546 points. Among the worst shares of the session is Meta, which lost 4.14% after being accused by the European Union of violating antitrust rules in online advertising markets. If Brussels concludes that there is sufficient evidence of an infringement, it can impose a fine of up to 10% of the company’s annual worldwide turnover. Among other big tech companies, Alphabet is down 2.02%, Apple is down 1.59% and Microsoft is down 1.73%.
A day marked by volatility for Tesla that ended the session down 0.24% after having moved for a long time above and below the par line. The poll in which Elon Musk asked Twitter users whether or not they believed he should remain at the helm of the social platform certainly didn’t help to calm the mood among investors: 57.5% suggested he step down. The strong selling hurt Disney, which lost 4.14%. The market judged unsatisfactory the 134 million dollars raised by “Avatar: La via dell’acqua” in its first weekend of programming. Analysts’ estimates pointed to a range between 135 and 150 million.
Casino stocks are also down, sunk by the new wave of Covid in China. Caesar’s Entertainment corrected 4.70%, MGM Resorts International 4.02%, Wynn Resorts 5.27% and Las Vegas Sands 2.19%. Heavy L3Harris (-3.43%) after announcing its intention to buy hypersonic engine company Aerojet Rocketdyne (+1.48%) for 4.7 billion dollars. Among the few sectors that held firm is the oil sector, with the WTI futures contract price set on the Nymex rising 1.21% to $75.19 a barrel. Chevron was up 0.65%, ExxonMobil was up 0.43% and ConocoPhillips was unchanged.
Source: IL Tempo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
