American politicians have not yet found a solution to deal with the American national debt. Fears of a US government debt default are creating unstable markets, and on Wednesday all of the major indicators on Wall Street ended in the red.
- The S&P 500 fell 0.73 percent to 4,115.24
- The Dow Jones Industrial Average fell 0.75 percent to 32,799.92 points
- The Nasdaq Composite Index fell 0.61 percent to 12,484.16
A number of experts have talked about what they think the solution to the debt challenge will be. Cantrell is perverse in his opinion.
“It’s likely to remain bumpy for the next few days or next week, but we still believe in a deal in time before June 1st, perhaps with the cap lifted for a short period, in this case weeks rather than months,” Cantrell predicts.
Uncertainty is also related to whether or not a peak in interest rates has been reached, as a recent report by the US Central Bank showed divided opinions on the need for more interest rate hikes or not. Some have expressed that inflation is declining very slowly, while others believe that the economy is showing signs of slowing down.
At the time of writing, the US 10-year was trading at 3.73 percent and up 0.036 points.
Retail in the weather
clothing giant Abercrombie & Fitch It rose 31 percent after the company announced first-quarter results that exceeded analysts’ estimates. The company also should have raised guidance, and now expects sales growth of 2 to 4 percent compared to 1 to 3 percent previously, according to CNBC.
Also the clothing series Urban Outfitters 17.6 percent after the quarterly numbers. Barclays raised the stock from normal weight to overweight after the report.
sturbanken Citigroup It fell 3 percent after news of the completion of a private bid for its Mexican business was announced. The sale will be through an IPO because they failed to find a buyer, according to CNBC.
Facebook owner meta announces a new round of layoffs, according to CNBC. About 10,000 new workers will lose their jobs. On Wednesday, Meta shares rose 1 percent.
The increased focus on cyber security was evident in the markets on Wednesday. Microsoft is warning that Chinese-sponsored hacker groups are trying to harvest information from America’s digital infrastructure, according to CNBC. Microsoft shares fell 0.45 percent on Wednesday. Cyber security company Palo Alto Networks shares rose 8 percent After being positively surprised by its quarterly numbers.
According to the Financial Times, US efforts to prevent China from buying or developing advanced semiconductors have become the most aggressive front in the new cold war between China and the United States. Now Nvidia CEO Jensen Huang is sternly warning US politicians against escalating the semiconductor war against China. Wed fell nvidia 1 percent.
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