Meanwhile, the technology indicator nasdaq it contracted 2% in May and fell 22.8%, according to data provided by the New York Stock Exchange (NYSE).
Analysts believe that the worst is not yet over and that the economy is under pressure from inflation, monetary tightening and rising rates.
Stocks linked to the oil business were the most affected in wall street due to the drop in the price of crude oil. Chevron fell 2% and Schlumberger fell 4.3%.
While, US consumer confidence fell in May because the population’s perception of their present and future prospects weakened by persistent inflation.
The President of the United States, Joseph Biden will hold a meeting with the President of the Federal Reserve (FED), Jerome Powell, to talk about inflation in the United States.
It is the first meeting between the two after Powell’s confirmation for another four-year term as head of the Fed.
“My plan to tackle inflation starts with a simple proposition: respect the Fed, respect the independence of the Fed”Biden said.
Source: Ambito
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