Wall Street shares are declining after the best week since 2020 | Business News

New York (AP) — Shares fell on Monday morning trading on Wall Street as key indexes fell off the highest week since November 2020.

The S & P 500 fell 0.2% at 10:21 am in the east. The Dow Jones Industrial Average fell 166 points (0.5%) to 34,585 and the Nasdaq fell 1%.

Energy stocks rose steadily as oil prices rose. US benchmark crude rose 5.8% and ExxonMobil rose 3.5%.

Technology and telecommunications stocks have fallen to counter the rise elsewhere in the market. Microsoft was down 1.5% and Facebook’s parent Meta Platforms was down 3.8%.

Bond yields have skyrocketed. Yields on 10-year Treasuries jumped from 2.14% late Friday to 2.24%.

Investors are facing a fairly quiet week without much economic data that could help companies and investors better understand how they are dealing with rising inflation. The market backlash last week came shortly after the Federal Reserve announced its first rate hike since 2018 as it seeks to curb rising inflation. Central banks are expected to raise interest rates several more times this year.

This move was expected for months as supply chain problems caused by soaring demand pushed up prices for everything from food to clothing. As a result, consumers are concerned that they may eventually cut some spending and cause a more serious economic slowdown than analysts expect.

Russia invades Ukraine He added concerns that inflation could worsen by pushing up energy and commodity prices. Oil prices have risen by more than 45% this year, and wheat and corn prices have skyrocketed.

Beyond these broad concerns, some stocks have made a big move in company-specific news. AlleghenyThe reinsurance company soared 25% after agreeing to be acquired by Warren Buffett’s Berkshire Hathaway.Media rating agency Nielsen After rejecting the takeover offer, it sank 7.8%.

Boeing has since fallen 5.8% One of the planes crashed in China 132 people are on board.

European markets were mixed. The FTSE 100 in London was up 0.5%, the DAX in Frankfurt was down 0.4% and the CAC 40 in Paris was down 0.4%. In Asia, the Shanghai Composite Index rose less than 0.1% and the Hang Seng Index in Hong Kong fell 0.9%. The Japanese market was closed due to a holiday.

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Wall Street shares are declining after the best week since 2020 | Business News

Source link Wall Street shares are declining after the best week since 2020 | Business News

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