Shares fell following economic warnings from bank chiefs, at a time when concern was growing about the effects of Federal Reserve policy on corporate earnings.
Apple Inc. and Tesla Inc. The market was hit hard by losses in tech giants such as the S&P 500, which declined for the fourth consecutive session. On news that the European Union is focusing on the owner of Facebook’s advertising strategy, Meta Platforms Inc. fell 5%.
In light of the uncertain future, Goldman Sachs Group Inc. David Solomon issued a warning about pay cuts and job losses, saying, “You have to expect that we have some turbulent days ahead.” According to Jamie Dimon of JPMorgan Chase & Co. in a CNBC interview, 2019 could see a “moderate to severe recession.” Bank of America Corp is monitoring customers for signs of fragility, according to CEO Brian Moynihan. (News-Bank CEO Warns Against Selling Tech Stocks: Market Boomed)
According to Lauren Goodwin, portfolio strategist at New York Life Investments, equity prices haven’t bottomed yet. Despite the fact that the current era of equity market volatility is projected to end in the coming months, “earnings have not yet adjusted to a bearish environment.”
Must Read : Globalization Partners Review | What is global employer of record
Must Read : Multibagger Stock: GPIL Made 8 Lakhs From 1 Lakh in 3Years
After cutting their share-price estimates during the summer, the number of analysts downgrading is shrinking from levels last seen at the start of the panic in January, according to data collected by Bloomberg.
While those who believe that the selling crowd is too enthusiastic or unduly dependent on previously published information may not find this movement particularly meaningful, it is nevertheless a net gain. According to Willie Delwich of All Star Charts, the goal is to observe a decline, coupled with a rise in share prices, as a signal that pessimism has peaked.
Also Read : Redefine Meat – Redefine Meat Stock Price-Redefine Investor
Also Read : Hyper NFT Review – Is it Legit or Scam | Who is Hyper NFT ?
According to Katie Nixon, chief investment officer at Northern Trust Wealth Management, “risks remain to the downside, and a lack of profit growth in 2023 could be a factor limiting market performance.” (Bank CEO Warns Against Selling Tech Stocks: Market Boomed-stock market news today-stocks news us)
Must Read : TikTok Stock | TikTok IPO | How to Buy TikTok Stock
Must Read : Stock Screener Review | Is it Worth $299.50 a Year?
This week’s major events:
- Euro zone GDP, Wednesday
- EIA crude oil inventory report, Wednesday
- US MBA mortgage applications, Wednesday
- ECB President Christine Lagarde speaks, Thursday
- US initial jobless claims, Thursday
- US PPI, wholesale inventories, University of Michigan consumer sentiment, Friday (Bank CEO Warns Against Selling Tech Stocks: Market Boomed – stocks news us)
Examples of significant market movements:
Stocks
- The S&P 500 fell 1% as of 11:46 a.m. New York time
- The Nasdaq 100 fell 1.4%
- The Dow Jones Industrial Average fell 0.7%
- The Stoxx Europe 600 fell 0.6%
- The MSCI World index fell 1%
Currencies
- Little changed in the Bloomberg Dollar Spot Index.
- EUR/USD increased by 0.2% to $1.0509
- To $1.2229, the British pound gained 0.3%.
- Japanese yen increased by 0.2% to $1.36 per unit.
Cryptocurrencies
The price of Bitcoin remained stable at $16,981.9.
As of $1,255.86, ether was down 0.3%.
Bonds
- Ten-year Treasury rate fell two basis points to 3.55%.
- The 10-year yield in Germany dropped eight basis points to 1.80%.
- The 10-year yield in Britain dropped three basis points to 3.07%.
Commodities
To reach $74.79 a barrel, West Texas Intermediate crude lost 2.8%.
At $1,786.60 per ounce, gold futures increased by 0.3%.
Also Read : Tesla Stock Prediction 2030 – Tesla Stock Forecast 2022-2040
Also Read : NIO Stock Forecast 2023 to 2050 | NIO Stock Price Prediction 🚗