May 29, 2022

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Sharp fall in Wall Street - Nasdaq with worst month since the 2008 financial crisis

Sharp fall in Wall Street – Nasdaq with worst month since the 2008 financial crisis

All three of Wall Street’s leading indices collapsed in the last trading day of April. The decline came after a volatile week with a cautiously bullish development on Thursday.

This is how the leading US stock market indices ended in April:

  • The broad S&P 500 index fell 3.63 percent.
  • The Dow Jones Industrial Average fell 2.77 percent.
  • The Nasdaq Technology Index closed down 4.17 percent.

according to CNBC The Nasdaq is now heading for its worst month since October 2008. The technology-heavy index fell more than 12 percent in April, while the S&P 500 fell more than seven percent this month. The Dow is down nearly four percent so far in April.

Friday was the darkest day on the Nasdaq since the beginning of September 2020.

Big numbers of Apple – very disappointed Amazon

On Thursday, after the stock exchange closed, tech giants Apple and Amazon reported quarterly results.

Apple delivered it Once again strong results. The company’s sales amounted to $97.28 billion, an increase of eight percent.

Earnings per share ended at $1.52. This was the eighth consecutive quarter that Apple beat analyst estimates. Luca Maestri, Apple’s chief financial officer, also warned that revenue in the next quarter could be affected by supply chain problems.

Apple shares fell 2.5 percent on Friday.

Things are getting worse on Amazon Which very disappointed. The e-commerce giant posted a loss in the billions — and its first quarterly loss since 2015. Amazon reported earnings per share of $7.56. The deficit amounted to 3.8 billion dollars, or about 36 billion crowns.

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Amazon shares are down over 15 percent and heading for the biggest one-day price drop since 2006.

Musk sells Tesla shares

Elon Musk’s sale of Tesla shares is worth about $8.4 billion, according to CNBC. In an advertisement on the stock exchange tonight It was first revealed that Musk had sold stock for $4.4 billion.

Musk himself confirmed on Twitter that he had sold shares in Tesla, and at the same time confirmed that he would not sell any more shares. The Tesla founder still owns about 163 million shares in the electric car company, according to NTB.

The sale of Tesla shares follows Musk’s agreement this week with Twitter’s board of directors to buy Twitter for $44 billion.

Tesla shares rose 2.47 percent after a few hours of trading on Wall Street.

inflation indicator

The decline in the Nasdaq index reflects investors’ concerns about inflation and interest rates. Inflation in the United States is at its highest level in 40 years, and the Federal Reserve (Fed) has announced rapid and frequent interest rate increases in the coming period.

Before the stock market opened, the numbers for the core inflation index came in. The US core performance index rose 5.2 percent year on year in March, well above the 2 percent inflation target. The core pce, according to CNBC, is the central bank’s preferred inflation indicator. Today’s big numbers underscore the challenges facing the Fed.(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.

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