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Wall Street opens low due to earnings mistakes and fear of inflation. 500 downdown points by Investing.com

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Jeffrey Smith

Investing.com-The US stock market fell sharply again on Monday, coupled with inflationary concerns embodied by rising bond yields and rising oil prices, and weak outlook earnings to weaken sentiment.

Technology stocks underperformed again, but the losses were widespread. By 9:45 AM Eastern Standard Time (1445 Greenwich Mean Time), was down 518 points (1.4%) to 35,394 points, the lowest in four weeks. It also decreased by 1.3% and decreased by 1.5%.

It came after a long vacation weekend when US Treasury yields reached their highest in over two years. The benchmark 10-year yield reached 1.85% before returning to 1.81%, while the 2-year yield exceeded 1% for the first time since the start of the panic. Meanwhile, Iran-backed Yemeni militias have launched a drone strike against the United Arab Emirates, adding concerns that the world’s largest producers will struggle to fulfill their promise to increase supply to the global market. Soared to a high for the first time in seven years.

Goldman Sachs (NYSE :) with JP Morgan Citigroup (NYSE :) Report the decline from last year’s Sugar Rush highs. The decline in fixed income and the sharp increase in operating expenses were partially offset by another strong quarter of dealmaking revenue. Goldman shares fell 8.1%, the lowest since July.

JP Morgan (NYSE :), whose report on Friday began its fourth-quarter earnings season, fell 3.0% to its lowest since September.

Disappointed with macro data, New York plunged to its 19-month low this month as the Omicron variant Covid-19 spread throughout the state.

The general sale obscured some major M & A news as Microsoft (NASDAQ :) agreed to pay more than $ 50 billion to troubled video game publisher Activision Blizzard (NASDAQ :). Under this agreement, Microsoft already owns the publisher of Minecraft, the world’s third-largest video game company in terms of revenue. Steering the software giant. For Activision, the deal represents a withdrawal under irresistible pressure on CEO Bobby Kotick, who has been unable to resolve long-standing problems with the company’s work culture. Activision’s share price rose about 30% in the news, while Microsoft’s share price fell 1.5%. Along the market.

Firmly supported by rising oil prices, oil and gas stocks went against this trend. Exxon Mobil The stock price of (NYSE :) rose 2.5% and the stock price of Occidental Petroleum (NYSE :) rose 3.2%. Marathon oil (NYSE :) Stock prices rose 2.4%.

Elsewhere Alibaba ADR (NYSE :) was under pressure after Reuters reported that its cloud hosting business in the United States was under surveillance by domestic regulators. ADR fell 2.2%.

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Wall Street opens low due to earnings mistakes and fear of inflation. 500 downdown points by Investing.com

https://www.investing.com/news/stock-market-news/wall-street-opens-lower-on-earnings-misses-inflation-fear-dow-down-500-pts-2741353 Wall Street opens low due to earnings mistakes and fear of inflation. 500 downdown points by Investing.com

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