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Monday, January 24, 2022

Wall Street Closes After A Mostly Negative Week

Wall Street ended trading lower on Friday due to pressure from big tech as investors worried about the Omicron coronavirus option and digest the Federal Reserve’s decision to end its stimulus to the pandemic era faster.

All three major US stock indexes ended the week with declines after the Fed on Wednesday announced three quarter percentage point rate hikes by the end of 2022 to combat rising inflation.

Nvidia shares fell 2.1% and Alphabet fell 1.9%, which was reflected in the S&P 500 and Nasdaq.

The S&P 500 growth index lost 0.7 percent and the value index was down 1.4 percent.

All 11 major industry indices of the S&P 500 fell, while financials were down 2.3%. Energy lost 2.2 percent.

On Friday, Pfizer said the pandemic could last until next year, exacerbating the uncertainty. European countries are ready for further travel and social restrictions.

Traders also pointed to the sale of taxes at the end of the year and the simultaneous expiration of stock options, stock index futures and index option contracts, known as the triple witch, as potential causes of volatility.

“It’s a big day for options expiration,” said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, NJ. “And now you take Omicron on top of that, and you have volatility, and I think that creates a lot of uncertainty among investors. What position are you going to take by the end of the year? »Shares of large companies including Nvidia and Microsoft outperformed the market as a whole in 2021, while the Philadelphia SE Semiconductor Index rose about 35 percent. The benchmark S&P 500 index rose about 23 percent over the same period.

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In Friday’s session, the Dow Jones Industrial Average fell 1.48 percent to close at 35,365.44, while the S&P 500 lost 1.03 percent to 4,620.64.

The Nasdaq Composite fell 0.07 percent to 15,169.68.

On a positive note, the Russell 2000 small-cap index rose 1 percent after it fell more than 10 percent from a record high in early November.

With options expiring, volume on US exchanges jumped to 16.6 billion shares, well above the 11.9 billion average over the past 20 trading days.

For the week, the S&P 500 fell 1.9 percent, the Dow lost 1.7 percent and the Nasdaq fell 2.9 percent.

Oracle shares fell 6.4% in Friday’s session after the Wall Street Journal reported that the enterprise software maker was in talks to buy electronic health records company Cerner in a deal that could be valued at $ 30 billion. Cerner shares were up 12.9 percent.

FedEx Corp surged nearly 5% after the supplying company on Thursday restored its original forecast for fiscal 2022, despite persistent labor problems pushing down profit margins.

On the NYSE, the number of falling issues outnumbered the advancing ones by a ratio of 1.50 to 1; on the Nasdaq, a 1.16 to 1 ratio favored growth.

S&P 500 posted 22 new 52-week highs and seven new lows; The Nasdaq Composite recorded 28 new highs and 341 new lows.

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World Nation News Deskhttps://www.worldnationnews.com
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