NewsWorldWall Street in sharp decline, technology under pressure again...

Wall Street in sharp decline, technology under pressure again – archyworldys

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The New York Stock Exchange, January 7, 2022 (GETTY IMAGES NORTH AMERICA / SPENCER PLATT)

The New York Stock Exchange opened lower on Monday, after already a week of losses as technology was under pressure again ahead of US inflation figures on Wednesday.

Around 3:00 p.m. GMT, the Dow Jones index lost 0.80%, the technology-dominated Nasdaq fell 1.78%, and the S&P 500 fell 1.22%.

At the last close on Friday, the Nasdaq had given up 0.96% to 14,935.90 points and dropped 4.5% on the week, its biggest weekly drop in nearly a year.

The S&P 500 had lost 0.41% to 4,677.03 points and the Dow Jones index remained close to equilibrium at 36,231.66 points (-0.01%).

“The big story of the week has been the determined rise in yields on Treasury bills. The 10-year one fell from 1.34% to 1.76% in just three weeks,” noted Art Hogan of National Securities.

Bond yields were up 1.79% Monday around 3:00 p.m. GMT for 10-year notes, a negative trend for equities.

Higher rates hurt tech stocks, known as growth stocks, because they need to invest in order to develop. A low interest rate environment is more favorable to these groups.

Bond rates have tightened in recent weeks with fears related to the economic impact of the Omicron variant and the more combative attitude towards inflation from the US Central Bank (Fed), which is preparing to raise rates in spring.

So investors will be watching the US price index (CPI) for December when a further monthly increase of 0.4% is expected.

“Risk appetite is being held back by concerns about rate hikes and indications that the Fed will tighten monetary policy more aggressively,” commented Patrick O’Hare of Briefing.com.

This week is also marked by the first quarterly results, especially for banks on Friday.

Yoga and sportswear maker Lululemon fell 4.51% to $ 338 after reporting its fourth quarter would not be as good as expected due to the Omicron variant which notably led to “reduced hours of operation “stores,” CEO Calvin MdDonald said in a statement.

Other retailers were in the dark, from Nike (-4.10%) to the discount chain Costco (-3.19%). Shopify was down 4% to $ 1,101, while Peloton smart apartment bikes were down 3.60%.

Featured in the world of video games, the Zynga share, icon of mobile games, soared 46.25% to 8.77 dollars, after the announcement of its takeover for 12.7 billion dollars by the American video game group Take-Two Interactive.

This publisher, which is behind the huge Grand Theft Auto franchise, on the other hand dropped 12.53% to 143.97 dollars.

Zynga, headquartered in San Francisco, California, gained fame through mobile games, primarily the FarmVille farming simulation and adaptations of the Harry Potter universe but had lost popularity in recent years. . In 2021, Zynga’s stock dropped 54% on the stock market.

The highly volatile stock of video game store chain GameStop dropped 8.14% to $ 129 after soaring on Friday after the announcement of partnerships in digital assets and cryptocurrencies.

Nasdaq

vmt / tu / cco

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