Business & Investment

Dow Jones Industrial Average: Wall Street falls as bargain hunting loses momentum

Wall Street’s key index fell sharply on Thursday, rising US stocks later in the session as investors considered whether stocks were a bargain after the sale to start the year Nasdaq fell into the correction territory. Evaporated.

Major US indices have risen steadily for most of the day after plunging at the beginning of the week.

Wednesday Nasdaq confirmed that it was closing and amending, more than 10% below its November record high. The tech-heavy index fell nearly 12% from its all-time high and closed on Thursday at its lowest level since June.

“I don’t seem to be convinced at all. Dip buyers intervene, but lose momentum,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.

The Dow Jones The average of 30 industrial stocks fell 313.26 points (0.89%) to 34,715.39, and the S & P 500 fell 50.03 points (1.10%) to 4,482.73. Nasdaq Composite Index It decreased by 186.24 points (1.3%) to 14,154.02.

Of the 11 major S & P 500 sectors, 10 fell and the consumer discretionary sector fell 1.9%. The utility made a profit of 0.1%.

Peloton Interactive’s share of 24% after CNBC reports that exercise bike makers have suspended production of connected fitness products as demand declines and the company is trying to keep costs down, adding more dampers to growth stock. It has fallen soon. Peloton was one of the mainstays of home trade in 2020.

After the bell, Netflix shares plummeted after a shortage of companies Wall street The forecast for new subscribers at the end of last year provided a weaker forecast than the forecast for the beginning of 2022.

Equities got off to a solid start in 2022 as Treasury yields soared amid concerns that the Federal Reserve would be aggressive in controlling inflation. It especially hit tech and growth stocks. Benchmark S & P 500 has fallen nearly 6% so far this year.

Peters, President of Chase Investment Counsel in Charlottesville, Virginia, said: “The valuations are high, interest rates are rising, and the outlook is uncertain. We need to worry more now than a few months ago.”

Investors are also starting to look at their fourth quarter earnings report.

Travelers Cos’ share rose 3.2% after non-life insurers reported record quarterly profits.

Baker Hughes’ share price rose 1.6% after surpassing analysts’ earnings expectations as the company reported adjusted quarterly profits and rising energy prices stimulated demand for equipment and services.

Data on Thursday showed that the number of Americans submitting new unemployment allowance claims increased unexpectedly last week. This is probably because the winter wave of COVID-19 infection disrupted business activities.

The NYSE Tick Index measures uptrend stocks and deducts downtrend stocks, plunging to a low of -2,007 later in the session. This was the sixth lowest daytime tick in the past using Refinitiv data dating back to early 1989.

The diminishing problem outperforms the ongoing problem on the New York Stock Exchange by a ratio of 2.75: 1. At Nasdaq, a 2.39: 1 ratio favored the fallen.

The S & P 500 has announced 12 new highs and 8 lows for 52 weeks. The Nasdaq Composite recorded 18 new highs and 545 new lows.

Approximately 11.9 billion shares were traded on US exchanges, compared to an average of 101 billion shares per day in the last 20 sessions.

Dow Jones Industrial Average: Wall Street falls as bargain hunting loses momentum

https://economictimes.indiatimes.com/markets/stocks/news/wall-street-opens-higher-on-upbeat-earnings/articleshow/89022794.cms Dow Jones Industrial Average: Wall Street falls as bargain hunting loses momentum

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