Home » Technology » Broad decline on Wall Street – Nasdaq ended down around one percent

Broad decline on Wall Street – Nasdaq ended down around one percent

Last week’s strong employment figures make investors more nervous about rate hikes from the US central bank. On Monday, Wall Street opened with a decline and this is how the three key indices looked at closing time:

  • The S&P 500 fell 0.62 percent.
  • The Nasdaq fell 1.0 percent.
  • The Dow Jones fell 0.11 percent.

In other words, the fall continues on the American stock exchanges. The Nasdaq ended last week down 1.6 percent, and the Dow Jones and S&P 500 fell 0.4 percent and 1.0 percent respectively.

The Apple share is down 1.68 percent on Monday evening, while Amazon falls 0.92 percent. The start of the week, on the other hand, goes better for Tesla, which rises 2.48 percent.

The PC manufacturer Dell falls 2.83 percent in the wake of the news that mass redundancies in the company. Operations director Jeff Clarke has in a note to the employees said they are struggling with market conditions that “continue to eat away at an uncertain future”.

The American interior chain Bed Bath & Beyond ended the trading day up 92.13 percent. At its peak today, the stock was up 120 percent.

Strong job figures

The US markets have had a good start to the year, but Friday’s surprising jobs figures mean that investors now fear that the Fed still has a job to do and will continue to raise the key interest rate – and keep it high for quite some time to come.

Investors have their eyes on Tuesday, when central bank governor Jerome Powell will give an interview. Where the vast majority are waiting for his comments on the new job figures and whether he gives any indication of what it will do for the central bank’s assessments going forward.

Chief strategist at Deutsche Bank, Jim Reid, says that more people will keep an extra eye on what is being said about the key interest rate. Because the big question after the previous interest rate decision is whether the interest rate peak will be higher than 5.0 per cent.

The chief strategist at BMO Wealth Management, Yung-Yu Ma, also sees opportunities for higher interest rates longer. He believes the probability of this increases if employment figures remain strong, writes Yahoo Finance.

Results rush

The results season continues at the same pace as before. After the close of business on Monday, gaming company Activision Blizzard and Take-Two Interaction Software will present their reports for the fourth quarter.

This week, Pinterest, KKR, Disney, PepsiCo and Uber Technologies also present their figures for the previous quarter.

Last week several large companies presented their reports, including Amazon, Apple and Facebook owner Meta Platforms. The latter made a splash on the stock exchange after beating expectations.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links, which lead directly to our pages. Copying or other forms of use of all or part of the content may only take place with written permission or as permitted by law. For further terms see here.

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