20/05/2022 19:57
Abrupt turning back to Wall Street. After a strong start, the three major indices veered into broadly negative territory with growth fears returning to take over and clouding the relief from China’s monetary easing to bolster its economy.
The S&P 500 fell 2.3%, hitting -20% from its peak, thus entering the so-called ‘bear market’. The Dow Jones Industrial Average in turn drops 2%, while the Nasdaq is even worse today, slipping up to -3%, with substantial falls for big names such as Tesla (-8%), Alphabet (-3.2% ) and Apple (-2.3%).
A 24% drop for the Ross Stores retailer which reported a quarterly report below expectations. Deere also hurt (-14%) which saw the quarter’s accounts negatively impacted by inflation and supply chain problems.