May 25, 2022

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Mixed on Wall Street - The Nasdaq closed down more than one percent

Mixed on Wall Street – The Nasdaq closed down more than one percent

In the second trading day of the year, the bullish trend continued from the beginning of the leading indicators on Wall Street, after that Monday ended with a broad recovery in the US stock market. But in conclusion, the mood was mixed:

  • The Dow Jones Industrial Average rose 0.59 percent.
  • The Nasdaq Composite Index, which is dominated by technology companies, fell 1.33 percent.
  • The Standard & Poor’s 500 Index fell 0.06 percent.

Two of the most talked about stocks yesterday, Apple and Tesla, fell on the second trading day of the year. During Monday’s trading, Apple recognized a market capitalization of $3,000 billion for the first time, and is by far the most valuable company in the world.

The stock closed down about one percent, and is trading around $180.

For its part, Tesla fell about four percent after ending trading on Monday, with a rise of more than 13 percent.

The ten-year-old American

The interest rate on US government debt with a maturity of ten years, often referred to as the United States of ten years, increased significantly at the start of the new year. The overnight interest rate in Norway was 1.67 percent, up from 1.3 percent just a month ago.

An increase in interest rates is often negative for so-called growth companies, which are companies that are priced based on future earnings. Therefore, the technology-based Nasdaq index often fluctuates in line with interest rates because many technology companies are considered growth companies.

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The ten-year-old is often called the “world’s hottest interest rate,” and it was compared to less than one percent at the start of 2021.

The reason it is called “the most important interest rate in the world” is that it is a reference for many interest rates, but also other financial variables, around the world.

In the United States, a ten-year-old affects interest rates on mortgages and many corporate and amortization loans, among other things. Thus, it is being closely watched by the market, which is now facing 2022 as Central Bank Governor Jerome Powell has already cleared the way for further rate hikes in the coming months.

according to CNBC The ten-year-old moved with the biggest jump in a single trading day since 2001, on Monday this week.

oil agreement

Shortly before the opening on Wall Street, many international media, including the news agency, wrote Reuters, that the expanded OPEC+ oil cartel agreed to go ahead with the production increase agreed in February. Soon, the cartel itself confirmed the agreement in a statement.

That means an increase of 400,000 barrels per day next month across member states. The increase in production is in line with monthly increases since August last year.

The background to the agreement is partly due to the fact that the cartel believes that the omicron variant of the coronavirus will only have a short-term effect on demand.

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– A source Reuters spoke to said it would be a “simple meeting” without any problems.

The price of a barrel of North Sea oil (burning spot) on Tuesday night was about $80, up 1.37 percent from yesterday’s closing price. (Conditions)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.