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Thursday, December 1, 2022

Cedears of Chinese companies rose against US technology companies

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The greatest decreases, on the other hand, corresponded to technology, with Amazon (-6.1%), and Google (-3.4%). It should be noted that last week Amazon plunged more than 20% after disappointing Wall Street with its balance sheet. Amazon’s net sales were $127.1 billion in the third quarter, less than forecast.

Google parent Alphabet also reported balance sheets last week that were below forecasts. The net profits of the technology giant reached US$16,002 million, which represents a decline of US$5,026 million (-26.5%) compared to the same period in 2021.

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At the same time, Wall Street’s main indices fell after data pointed to the strength of the labor market, which fades the hopes that the Federal Reserve will show signs of relaxing its aggressive rises in interest rates.

The data showed that job openings in the United States unexpectedly increased in September, suggesting that labor demand remains strong despite the Fed’s actions. “Hopes for a dovish Fed turnaround are misplaced if today’s job openings are any guide”said Ronald Temple, head of US equities at Lazard Asset Management.

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The Dow Jones Industrial Average was down 0.2% at 32,660.77, the S&P 500 was down 0.3% at 32,660.77 and the Nasdaq Composite was down 0.7% at 10,916.10.

Source: Ambito

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