[ad_1]
Wall Street shares fell on Friday's opening, with the Nasdaq losing 3% and the S & P 500 erasing its gains for the year as investors digested a disappointing series of earnings results. technology companies.
The Nasdaq Composite fell 3.06% to 7,094.38. The index fell nearly 12% this month, recording its largest decline since 2008.
The S & P 500 index fell 2.4% to 2,640.38, representing a widespread decline that affected all major sectors of the benchmark.
Consumer discretionary dragged down the S & P 500 with a 4.1% decline, following Amazon's disappointing outlook for the crucial holiday shopping period, while communications services fell by 2%. 9%, with Alphabet sales driving down Google's parent company.
At the same time, the Dow Jones Industrial Average declined 1.7% to 24,563.54.
Technology stocks, in particular, are under pressure and are not on the way to the worst month since the financial crisis. So-called growth stocks, prized by investors for their earnings growth potential, may underperform in a rising rate environment as investors turn to value stocks.
The concern over maximum earnings growth has hurt climate morale, partly due to the massive October sales. Concerns about global growth and rising yields, as well as uncertainty surrounding the upcoming midterm elections also contributed to this month's slide.
The fall came even as the data this morning showed that the US economy had grown faster than expected in the third quarter.
Elsewhere in the markets, the yield on 10-year US bonds slipped 4.5 basis points to 3.072%, while the two-year yield fell 5.3 basis points to 2.784%. Returns are inversely proportional to price.
The dollar index, a measure of the dollar versus a weighted basket of peers, was little changed at 96.69.
Source link
