May 23, 2022

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Fed signals weigh on Wall Street: Nasdaq is down more than 2%

Fed signals weigh on Wall Street: Nasdaq is down more than 2%

On Tuesday, US Federal Reserve board member Lael Brainard (Fed) hinted at a more aggressive approach to combating high inflation that she believes is at risk of upside. mentioned CNBC.

The message caused the mood to worsen in New York’s three leading indices throughout the day, and when the stock market was closed, it looked like this on Wall Street:

  • The broad S&P 500 index fell 1.26 percent
  • The Dow Jones Industrial Average fell 0.80 percent
  • The technology index fell 2.26 percent

Brainard, who is generally seen as one of the Fed’s more dovish members, said a steady pace of rate hikes was needed.

In isolation, this is bad news for many tech stocks, which are praised to a greater extent than many others for their future income forecasts. Investors did not like the message and the high-tech Nasdaq is down more than 2% during the trading day.

caught in the twitter board

Twitter’s share is among the stocks challenging Tuesday’s broad decline. At the opening, the stock was up nearly eight percent on the news that eccentric Tesla chief Elon Musk will get a seat on the company’s board of directors. But during the day, Twitter’s share dipped, and by the time of the close, Twitter’s share was up 2%.

Musk’s Twitter account has given him plenty of entertainment — and Musk has run into a lot of trouble in recent years.

Monday became known That Musk bought 9.2 percent of the stock in the company, which he criticized in part on Twitter.

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The market responded by sending a Twitter share of up to 27 percent as of Monday, leaving Musk with Paper earning 6.8 billion NOK.

Tesla founder Elon Musk gets a seat on the Twitter board.

Tesla founder Elon Musk gets a seat on the Twitter board. (Photo: Joe Skipper)

Tuesday’s stock exchange announcement states that Musk, who has become Twitter’s largest shareholder, will have a position on the company’s board of directors, and thus an important opportunity to influence the future. At the same time, he pledges to hold no more than 14.9 percent ownership stake in the company while on the board, and for 90 days after his resignation.

On the other hand, Tesla stock is doing worse, and the electric car company’s share will drop by 4.7 percent on Tuesday.

Hello, Elon!

Paraj Agrawal, CEO of Twitter, comments on the Board of Directors as follows:

– Through conversations with Elon in recent weeks, it has become clear to us that he will be of great value to the Board of Directors.

Musk comments as follows:

– We look forward to working with Parag and the Twitter board to make major improvements to Twitter in the coming months!

Agrawal further writes that Musk is a passionate believer and a fierce critic of service.

This is exactly what we need on Twitter and in the conference room, to make us stronger in the long run. Hello Elon!

New penalties

It was Tuesday Fifth sanctions package From the European Union against Russia is known, this includes publishers to ban the import of Russian coal. The package has yet to be approved by the 27 member states before it can be adopted. The United States will present its collection on Wednesday, according to CNN.

According to Bloomberg sources, the European Union is not planning to impose a ban on Russian oil and gas at the moment, and there should be disagreement among member states over how to proceed.

However, the price of oil fell above 2 percent on Tuesday, and a barrel of Brent Spot North Sea oil is trading at around $105 a barrel. Shares of Chevron Oil Corp. fell 0.6 percent during the trading day.

In the fixed income market, long-term interest rates continued to rise on Tuesday, and the ten-year-old US dollar was trading at 2.47 percent at its open. However, after the Fed’s signals to tighten monetary policy, the ten-year-old jumped to 2.56 per cent. This is the highest level since May 2019, according to CNBC.

The ten-year-old is often referred to as the “world’s hottest interest rate” because it is a reference to many interest rates, but also other financial variables, around the world. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.