The S&P 500 ended the session down 3.63% at 4,131.93 points. The Nasdaq fell 4.17% to 12,334.64, while the Dow Jones Industrial Average declined 2.77% to 32,977.21.
Wall Street slid on Friday its deepest daily loss since 2020, as Amazon slipped after a disappointing quarterly report, and the biggest increase in monthly inflation since 2005 that sent investors already worried about rising interest rates. I worried.
Amazon Inc. plunged 14.05% in its biggest one-day drop since 2006, bringing the widely held stock to a near two-year low. Late Thursday, the e-commerce giant delivered a disappointing quarter and outlook, swept away by higher costs.
Apple Inc., the world's most valuable company, fell 3.66% after its disappointing outlook followed record quarterly profit and sales. All 11 S&P 500 sector indexes fell, led by a 5.9% decline in consumer discretionary and a 4.9% decline in real estate.
The S&P 500 posted its biggest single day drop since June 2020. Nasdaq's fall was the biggest drop since September 2020.
Worries about downbeat results and aggressive monetary policy by the Federal Reserve have weighed on megacap technology and growth stocks this month. The Fed is set to meet next week, with traders betting on a 50-basis-point rate hike to tackle rising inflation.
Ahead of the weekend and Fed meeting next week, "People are clearing decks. Disappointing guidance from Apple and Amazon and a few other companies set the stage for today's weakening for tomorrow and as we ended the day, it Intensified." said Peter Tuz, president of the Chase Investment Council in Charlottesville, Virginia.
The Nasdaq fell nearly 13% in April, its worst monthly performance since the global financial crisis in 2008. The S&P 500 has fallen 13% so far in 2022, its biggest four-month decline in any year since 1939.
Adding to fears on Wall Street, data showed the personal consumption spending price index - the Fed's preferred measure of inflation - rose 0.9% in March after climbing 0.5% in February.
Signs of a hardening of aggressive monetary policy, the Ukraine war and China's COVID lockdown have fueled fears of an economic slowdown. Thursday's data showed the US economy unexpectedly contracting in the first quarter.
The S&P 500 ended the session down 3.63% at 4,131.93 points. The Nasdaq fell 4.17% to 12,334.64, while the Dow Jones Industrial Average declined 2.77% to 32,977.21. During the week, the S&P 500 lost 3.3%, the Nasdaq by 3.9% and the Dow by 2.5%.
The S&P 500 Busiest Trades The S&P 500 has gained or lost 2% or more in one day so far in 2022, compared to 24 such days throughout 2021. Exxon Mobil Corp slipped 2.24% after taking a $3.4 billion writedown due to its exit from Russia. Chevron Corp dropped 3.16% after a sharp drop in first-quarter profits.
Overall, the first quarter earnings season so far has been better than expected. Nearly half of the S&P 500 companies reported as of Thursday and 81% of them have topped Wall Street's expectations. Typically, according to Refinitiv data, only 66% beat estimates.
A decline in the number of issues leading the way by a 3.91-to-1 ratio on the NYSE; On the Nasdaq, a 2.85-to-1 ratio favored the decline. The S&P 500 posted 2 new 52-week highs and 47 new lows; The Nasdaq Composite posted 13 new highs and 385 new lows. 11.8 billion average over the past 20 trading days in the U.S. The volume on the exchanges was 12.4 billion shares.
Source by internet.
Created by MOHAMMAD SHOAIB.
0 Comments