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U.S. Stocks Fall After Microsoft Lowers Outlook

Stock Markets Jun 02, 2022 09:46AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks were lower on Thursday in choppy trading after Microsoft issued a weak forecast.

At 10:25 AM ET, the Dow Jones Industrial Average fell 264 points, or 0.8%, while the S&P 500 fell 0.5% and the NASDAQ Composite was down 0.1% after briefly trading in positive territory.

Shares of Microsoft Corporation (NASDAQ:MSFT) fell 2.5% after it cut its fourth-quarter profit and revenue forecast because of unfavorable currency movements. The soaring U.S. dollar has pressured the profits of multinational companies that convert foreign currency into dollars.

But jobs are the focus of this week, after the job openings report on Wednesday showed 11.4 million available positions amid decade-low unemployment. On Thursday, the ADP private payroll report showed 128,000 jobs were added last month, short of estimates for 300,000 jobs. Separately initial jobless claims fell to 200,000 last week, below estimates for 210,000.

Shares of Chewy Inc (NYSE:CHWY) jumped 11% after the pet accessories retailer reported solid quarterly results, while shares of Hewlett Packard Enterprise Co (NYSE:HPE) fell 6% after slightly missing on the top and bottom lines.

Oil was holding steady. Crude Oil WTI Futures rose 0.5%, to $115.81 a barrel, while Brent Oil Futures crude rose 0.3%, to $116.69 a barrel. Gold Futures rose 1%, to $1,867 an ounce. OPEC and its allies decided to raise output for July and August to 648,000 barrels a day. In recent months the international oil producer's cartel had been raising output by 432,000 barrels a day.

U.S. Stocks Fall After Microsoft Lowers Outlook
 

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Comments (4)
Mitchel Pioneer
Mitchel Pioneer Jun 02, 2022 11:09AM ET
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The miracles come one after another for the BIGGEST INVESTMENT JOKE IN THE WORLD, as yet another loss miraculously vanishes into thin air.  All the while, "rallies" walk a tightrope as the intraday volatility mysteriously disappears.  Assume the proper position America.
James Victorino
James Victorino Jun 02, 2022 10:49AM ET
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Thankfully we always have the Fed proxies to manipulate the markets by trading futures contracts.  Heaven forbid overvalued companies, such as Tesla who run by a sociopath, return back to a reasonable valuation. Wake up, folks! The Fed is using our money through an account in the Treasury Dept to inflate the equity markets. The unfortunate consequence is that you have leaches, such as Musk, who exploit the situation. They really need to decouple individual stocks from the futures indices to avoid this abuse. Tesla's share price was a perfect example how the algos are exploited.  By virtue of NQ E-Mini 100 going up, Tesla price has additional bid up pressure. You then have an individual purchase a high volume of weekly ITM Call options, then you are able to artificially inflate the stock price on a company that does deserve such a high valuation.
John Lakran
John Lakran Jun 02, 2022 10:47AM ET
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So business is good but profit will be a little lower as money is converted got it makes sense now sell sell sell
Pepe Ekholm
Pepe Ekholm Jun 02, 2022 10:43AM ET
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Scooping
 
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