The American stockss ended with negative numbersmostly pressured by a decline in technology led by Nvidiaamid ongoing fears that Federal Reserve interest rates will remain high for longer.
At the close of the market, the benchmark indices of the stock market NY ended with negative numbers: the Dow Jones of Industriales closed at 37753.31 points, losing 0.1%, the S&P500 stood at 5,022.21 points, falling 0.6% and the Nasdaq Composite It depreciated 1.2%, reaching 15683.37 points.
Nvidia, leader of technological decline and ASML, of chips
NVIDIA Corporation fell more than 3.3% increasing pressure on the broader tech sector, as did other big tech stocks like Netflix -0.6%, Apple, -0.6% Meta -0.8% and Microsoft -0.5% who were also under pressure.
ASML For its part, it affected chip stocks after falling more than 7% after quarterly results that showed new reserves in the first quarter that were lower than expected.
Investor sentiment on the growth sector of the market, including technology, has deteriorated after the continued rise in Treasury yieldsfearing that higher rates will persist indefinitely.
From Stifel Financial Corp Through a note they stated that the president of the Federal Reserve, Jerome Powell, was very direct on Tuesday: “The Fed intends to stay on the sidelines for longer than expected, given the unexpected rise in recent inflation data.” the official stated.
Quarterly earnings season continues
The actions of United Airlines They rose 17% after the airline announced better-than-expected first-quarter earnings due to strong travel demand.
On the other hand, the actions of Travelers fell more than 7% after the insurer reported a sharp increase in catastrophe losses, net of reinsurance, to $712 million from $535 million a year earlier, due to severe wind and hail storms in the central and eastern regions of the United States.
The actions of JB Hunt Transport Services fell 8% after the transportation company missed first-quarter earnings estimates, hit by a decline in revenue in its largest segment (transportation) and pricing pressures in its brokerage business.
Abbott Laboratories fell nearly 3% even though the medical device maker beat Wall Street estimates for quarterly profit and raised its full-year forecast due to strong sales of its products.
He raw falls after the increase in inventories in the US and Joe Biden wants to triple customs duties on Chinese steel and aluminum
The prices of raw They retreated more than 3% on Wednesday as a rise in U.S. trade stockpiles raised concerns about future demand.
For your part President Joe Biden wants to triple customs duties on Chinese steel and aluminum imported by the United States7.5% on average, assuming that there is “unfair competition” that penalizes workers in their country, the White House announced this Wednesday in the midst of the election campaign.
“China’s policies and subsidies in favor of its domestic steel and aluminum industries mean that high-quality American products are harmed,” the White House emphasized in a statement. Biden denied seeking a “trade war” with China.
Source: Ambito
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