29 Jun 2022
Wall Street Lose Balance after recession strikes growth fear among consumers’
The Index Today
On Tuesday, Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up the fear over looming earning sessions.
The S&P and the Nasdaq fell about 2% and 3% respectively, with Apple Inc (NASDAQ: AAPL), Microsoft Corp (NASDAQ: MSFT), and Amazon.com (NASDAQ: AMZN) weighing the heaviest. The blue-chip Dow shed about 1.6%.
With the fourth July holiday weekend approaching, it looks like the market will stumble to it low during the next month.
With several weeks to go until second-quarter reporting commences, 130 S&P 500 companies have pre-announced. Of those, 45 have been positive and 77 have been negative, resulting in a negative/positive ratio of 1.7 stronger than the first quarter but weaker than a year ago, according to Refinitiv data.
Nike Inc (NYSE: NKE) slid 7.0% following its lower-than-expected revenue forecast.
Shares of Occidental Petroleum Corp (NYSE: OXY) advanced 4.8% after Warren Buffett's Berkshire Hathaway (NYSE: BRKa) Inc raised its stake in the company.