The US stock market fell broadly on Thursday after surprisingly high inflation numbers yesterday. Many banks also provided poor results.
Status is updated.
This is what Wall Street’s major indexes looked like in the 1960s on Thursday:
- The Dow Jones Industrial Average fell 1.05 percent
- The technology-heavy Nasdaq fell 0.78 percent
- The broad S&P 500 index fell 0.95 percent
The results follow a negative day on Wall Street on Wednesday in light of US inflation numbers that beat expectations. Several US banks also provided poor results on Thursday.
The inflation rate in the United States was 9.1 percent for the month of June, compared to the same month last year. This is the highest price increase since 1981.
Chief Economist Marius Gunsholt Hof at Handelsbanken stated that inflation was higher than expected, and believes the central bank is in its wake.
The Fed does not want to see this. What I particularly noticed is that core inflation was higher than expected. He says it is quite certain that the central bank will get a new triple increase at the next July meeting.
Markets are currently marked by uncertainty about the progress of the global economy, with rising energy prices, rising inflation and central banks having to tighten monetary policy.
JPMorgan Chase & Co reported earnings of $2.76 per share in the second quarter of 2022, according to the company’s quarterly report Thursday.
Earnings per share were expected at A$2.91 up front, according to the Refinitive consensus.
The turnover was $30.7 billion in the quarter. Up front, revenue was expected to be $31.95 billion.
In the quarter to 5 p.m. Thursday, the stock fell 3.88 percent.
Morgan Stanley reported adjusted earnings of $1.44 per share for the second quarter of 2022.
The turnover in this period amounted to 13.1 billion dollars. The stock fell 2.12 percent on Thursday afternoon.
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