October 3, 2022

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Tea shares fell on a bearish Wall Street - companies with Norwegian roots fell 11 percent

Tea shares fell on a bearish Wall Street – companies with Norwegian roots fell 11 percent

When the stock exchange closed at 10 PM Norwegian time, this was the result of the three trend-setting indicators:

  • The broad S&P 500 index fell 0.4 percent.
  • The Dow Jones Industrial Average fell 0.1 percent.
  • The Nasdaq Composite Index fell 1.2 percent.

It has been a tough week for memory chip makers in the US market, which also affected the high-tech Nasdaq.

Micron is a case in point, when it warned that revenue could fall more than previously expected due to “macroeconomic factors and constraints in supply chains”. The stock fell 3.74 percent on Tuesday.

Another example is Nvidia — which on Tuesday fell another four percent after dropping six percent on Monday. The reason must be that income guidance from the group is poorer than expected.

Ahead of the Wall Street opening, cruise company Norwegian Cruise Line Holdings announced the news that passenger numbers — and capacity utilization — were still lower than they were before the pandemic — resulting in lower-than-expected revenue.

This led to a decrease in the company’s share price by about 11.6 percent.

Inflation figures on Wednesday

Oil prices rose on Tuesday, which may be one of the reasons why many energy companies are rising in the US market. A burning barrel of North Sea oil, the reference price for oil trading worldwide, is trading for $97. This is a 1.3 percent increase from Monday. Oil company Chevron, for example, rose 1.36 percent.

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The US market is now nervously heading towards the new inflation figures due on Wednesday. US core inflation figures in July are expected to rise to 6.1 percent in July on an annual basis, from 5.9 percent in the previous month. After lower energy prices, overall inflation is expected to fall to 8.9 percent, from 9.1 percent in June, according to TDN Direkt.

Mixed end to yesterday’s trading day

On Monday, Wall Street’s major indexes opened with gains, but towards the end of the trading day they were more mixed. The three major indicators looked like this at closing time at 22:00 NST on Monday:

  • The broad S&P 500 index fell 0.12 percent.
  • The Dow Jones Industrial Average rose 0.09 percent.
  • The Nasdaq Technology Index fell 0.10 percent.

This weekend’s news that the US Senate has approved Biden’s climate reform package has heightened interest in climate investments. The Comprehensive Climate and Health Package was adopted after a year and a half of discussions and compromises.

The package includes $370 billion in measures to reduce carbon dioxide emissions, including incentives to buy electric cars and make buildings more energy-efficient, and there is money to reduce emissions from coal-fired power plants.

Shares of renewable energy company First Solar rose 4.75%, while shares of Tesla rose 0.78%.

Many meme stocks were attractive again on US stock exchanges. These are stocks that amateur investors buy online, often through large online forums like the Wall Street Bets (WBS) on Reddit, which leads to huge increases in trading volume and often skyrocketing share prices.

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The best known of these stocks are perhaps Gamestop and the AMC cinema chain, which rose sharply for periods during the first close. It initially began as a rebellion against Wall Street and short equity, that is, institutions or investors who bet on lower prices.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead 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.