• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Friday, February 3, 2023
SLC Online News
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Gaming

Stocks Fall On Wall Street As Tech Slips, Bond Yields Jump – LA Daily News

stocks-fall-on-wall-street-as-tech-slips,-bond-yields-jump-–-la-daily-news
Share on FacebookShare on Twitter

By DAMIAN J. TROISE

Stocks fell in afternoon trading on Wall Street and bond yields jumped Tuesday as investors monitor the latest developments around Russia’s war against Ukraine and prepare for the next round of corporate report cards.

The S&P 500 fell 0.7% as of 12:03 p.m. Eastern. The Dow Jones Industrial Average fell 80 points, or 0.3%, to 34,841 and the Nasdaq fell 1.8%.

Weakness from big technology stocks weighed down the broader market. Companies in the sector, with their pricey valuations, tend to push the market higher or lower more forcefully. Chipmaker Qualcomm fell 4.8%.

Health care and consumer goods companies made solid gains. Insurer UnitedHealth Group rose 2.5% and Procter & Gamble rose 1.3%.

Twitter rose another 4.2% after disclosing an arrangement with Tesla chief Elon Musk that will give him a board seat but also limit how much of the company he can buy while he’s a director. The company had disclosed a day earlier that the mercurial billionaire and Twitter critic had become the company’s largest shareholder.

Carnival rose 4% after the cruise line gave investors an encouraging bookings update. Norwegian Cruise Line rose 1.7% and Royal Caribbean rose 0.7%.

Bond yields rose significantly. The yield on the 10-year Treasury rose to 2.56% from 2.41% late Monday. Bond yields have been rising as investors prepare for a shift in monetary policy from the Federal Reserve. The central bank has already started raising its benchmark interest rate to try and temper inflation’s impact and more hikes are expected throughout the year.

Wall Street is watching closely for any clues as to how sharply interest rates will rise as inflation persists and the conflict in Ukraine adds more uncertainty to inflation’s path ahead. More details could be gleaned Wednesday when the Fed releases minutes from its March interest rate meeting.

Meanwhile, Fed Governor Lael Brainard reaffirmed the central bank’s concerns during a speech in Minneapolis on Tuesday.

“Currently, inflation is much too high and is subject to upside risks,” she said. “The Committee is prepared to take stronger action if indicators of inflation and inflation expectations indicate that such action is warranted.”

Investors are currently betting on a more aggressive path forward for the Fed. They are currently giving the Fed a greater than 75% chance that it will raise interest rates more than a half-point in May, according to CME Group. The typical increase is only a quarter-point.

Russia’s war in Ukraine remains a key focus for Wall Street as the potential for stricter economic sanctions increase. The European Union’s executive branch has proposed a ban on coal imports from Russia in what would be the first sanctions targeting the country’s lucrative energy industry over its war in Ukraine.

The Treasury Department will not allow any Russian government debt payments from accounts at U.S. financial institutions to be made in U.S. dollars, restricting one of the strategies President Vladimir Putin is employing to stave off default.

The stricter sanctions follow mounting evidence Russian soldiers deliberately killed civilians during the conflict.

Investors face a mostly quiet week of economic and corporate news. Wall Street is preparing for the next round of corporate earnings in the coming weeks. The results could give a clearer picture of how companies are dealing with the impact from rising inflation.

SLC Online News

© 2021 SLC Online News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 SLC Online News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT