Wall Street records spectacular recovery in closing hour

20 mei 2022


The American stock markets had another crazy ride on Friday: a green opening, a deep red afternoon trade and a spectacular recovery in the closing hour.


managed to finish stable. The Nasdaq Composite

closed just 0.3 percent lower. Earlier in the day, the tech exchange traded with a loss of 3 percent. Today is the third Friday of the month, which means that many options contracts are expiring. This makes for an even more volatile stock market than usual.

The broad stock barometer S&P500 received extraordinary attention, as the index traded more than 20 percent below its January 4 intraday peak during the session. But to speak of an official bear market, the closing price must also be more than 20 percent below the peak. So that didn’t happen today. This may have convinced extra bargain hunters in the last minutes.

The chip players AMD

on Nvidia

plunged to 6 percent lower, but were able to halve that loss by the closing bell. Nvidia will publish results on Wednesday. Tesla

took a 6 percent hit. The stock is no longer the largest holding in Cathie Wood’s ARK fund.

After Walmart’s heavy profit warnings

and Target

earlier this week, it was the turn of the American discounter Ross Stores

to fire a heavy alarm. The chain, known for its slogan ‘Dress for less’, expects a drop in turnover of 2 to 4 percent this year, while it was still able to grow by 13 percent last year.

Supply issues

And a day after Harley-Davidson warned of under-parts, the same alarm sounds at John Deere

† The stock lost 14 percent, its biggest blow in two years. The turnover achieved by the tractor builder was below expectations and John Deere also warns that the supply problems affect production and delivery times. Unlike the markets, John Deere’s share was unable to recover in the last few trading minutes.

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