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It was a mixed day on Wall Street, with two of three stock indices rising, while the Nasdaq failed to make up for the fall earlier in the day.
- The Dow Jones ended up 0.55 percent at 35,813.80 points
- Nasdaq ended down 0.5 percent to 15,775.14 points
- The S & P500 ended up 0.17 percent at 4,690.70 points
Earlier in the day, the picture was different: the Nasdaq technology index fell sharply. At 7.40 pm Norwegian time, the fall was around 1.57 per cent.
According to CNBC This is because higher interest rates put pressure on technology stocks. Social media shares of the Facebook company Meta and Twitter fell more than two percent, while Netflix fell 1.8 percent.
When the decision was made at 22.00 Norwegian time, Facebook owner Meta ended down 1.1 percent to 337.25 dollars. Twitter was down 0.36 percent to $ 47.14. While Netflix fell 0.78 percent to 654.06 points.
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Oil prices fell on Tuesday morning as a result of the US planning a coordinated release of oil reserves. When President Joe Biden later confirmed that the United States would withdraw 50 million barrels of oil from its strategic stocks, oil prices responded with a slight boost.
Just before 20.30 Norwegian time, President Biden took the podium and lcheaper fuel for the American people.
Inflation worries Americans
US Treasury Secretary Janet Yellen stated on Monday that inflation in the country has reached a level that worries most Americans, and that the country must seriously begin to worry about the high inflation.
Biden’s move to use the country’s strategic oil reserves is intended to remedy the rising fuel prices in the country, and prevent a sharp rise in inflation.
The price of petrol in the USA is now on average around NOK 30.44 per gallon – which is equivalent to NOK 8.04 per liter. This is small compared to Norway, but there has been a sharp increase in the last year which makes it hard for inflation-affected American consumers to keep up, writes NTB.
Less Zoom post corona
As expected, Zoom Video Communications was beaten on the stock exchange. After the end of trading on Monday night, the company presented a quarterly report which the market struggled to absorb.
In the fourth quarter, Zoom expects a turnover of just over one billion dollars, which is roughly unchanged from the previous quarter. This is the first time in history that the company does not predict growth, and the corona crisis has largely subsided, points out The Wall Street Journal.
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CFO Kelly Steckelberg at Zoom said at Monday’s quarterly presentation that the online part of Zoom’s business “will face headwinds in the coming quarters as smaller customers and consumers adapt”. At the same time, a number of brokerages have downgraded their price targets on the Zoom share after the quarterly report, of which Deutsche Bank cuts to 280 from $ 350 and Wells Fargo to 245 dollars from 275 dollars per share.
The Zoom stock ended down 14.43 percent.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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