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Wall Street: Chicken makers drag Wall Street lower after Micron’s warning

August 9: The tech-heavy Nasdaq fell on Tuesday after a dismal forecast from Micron Technology dragged chip and tech stocks lower, while investors remained cautious ahead of inflation data that will poured into America Federal Reserveinterest rate hike plan.

A high-inflation bulletin on Wednesday, following last week’s strong jobs numbers, will likely spur the Fed to continue with its massive rate hikes and weigh on the recent rally in equities.

Traders see a 70% chance of the Fed raising rates by 75 basis points in September, the third such big hike.

Technology and growth-sensitive stocks slipped as U.S. Treasury yields rose, with megacaps like Alphabet Inc and Tesla Inc each falling more than 1%.

Three of the 11 major S&P 500 sectors fell in early trading, with consumer, information technology and communications services stocks falling between 0.8% and 1.4%.

Micron Technology Inc.

The broader Philadelphia Semiconductor Index fell 2.8% for a third straight session, while peers Nvidia and Advanced Micro Devices dropped more than 2% each, extending heavy losses from the previous session. revenue alert from Nvidia.

Michael Shaoul, managing director at Marketfield, said: “Markets are still treating these as company-specific. .

Volumes are still lower due to the summer, and “it really doesn’t take a lot of capital to push yields or the S&P index,” Shaoul said.

At 9:41 a.m. ET, Dow Jones The Industrial Average rose 10.35 points, or 0.03%, to 32,842.89, the S&P 500 fell 9.53 points, or 0.23%, to 4,130.53, and Nasdaq Composite down 118.43 points, or 0.94%, to 12,526.03.

Despite the tough recovery since mid-June, the benchmark is still down 13.4% this year after hitting a record high in early January as prices soared, hawkish central banks, Geopolitical tensions weigh heavily on psychology.

Better-than-expected earnings from U.S. companies are a positive, with 77.5% of S&P 500 companies beating earnings estimates, according to Refinitiv data as of Friday. of Refinitiv as of Friday.

U.S. vaccine maker Novavax fell 25.3% after halving its annual revenue forecast as it does not expect to sell more COVID-19 injections this year in the United States amid supply shortages. global surplus and weak demand.

Issues fell more than advancers at a ratio of 1.28 to 1 on the NYSE and 1.96 to 1 on the Nasdaq.

The S&P index recorded two new 52-week highs and 30 new lows, while the Nasdaq recorded 22 new highs and 17 new lows.

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