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Tom Michaels
Aug 22, 2022 11:46AM ET
Bunch of bull. It is so corrupt.
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Wall Street Opens Sharply Lower on Fresh Inflation, Growth Fears
© Reuters
By Geoffrey Smith
Investing.com -- U.S. stock markets opened sharply lower on Monday as investors adopted a cautious stance at the start of a week that will culminate in the Federal Reserve's annual central banking symposium on Friday.
By 09:40 ET (13:40 GMT), the Dow Jones Industrial Average was down 408 points, or 1.2%, at 32,299 points. The S&P 500 was also down by 1.4% and the Nasdaq Composite was down by 1.5%.
The move was driven, in part, by a rise in shorter-dated bond yields, where market participants moved to price in higher average interest rates over the next five years. U.S. 5-year note yields hit their highest in a month as hopes for a quick end to the Fed's policy tightening cycle weakened.
Among early movers, meme stock AMC Entertainment (NYSE:AMC) stock plummeted 34% as its new form of preferred shares started trading, in a move that will sharply dilute the existing class of stock. AMC, which reported a net loss of $120 million in its last quarter, had resorted to issuing the shares to shore up its balance sheet after failing to get stockholder approval for issuing new ordinary stock.
Fellow meme stock Bed Bath & Beyond (NASDAQ:BBBY) stock continued its recent volatile path, spiking at the open before reversing to be down 6.3% on a report that certain product suppliers had stopped shipping to it due to payment delays. Netflix (NASDAQ:NFLX) stock also fell 5.3% after brokers CFRA downgraded it to Sell, saying its recent recovery had gone far enough.
Signify Health (NYSE:SGFY) stock shot in the other direction, rising 38% after reports that Amazon (NASDAQ:AMZN) has joined the race to buy the at-home healthcare company.
Oil and gas companies came under pressure as crude oil prices tumbled more than 4% on fears about what a recession would do to global demand. Occidental Petroleum (NYSE:OXY) stock fell 4.4%, while ExxonMobil (NYSE:XOM) stock fell 2.2% and Chevron (NYSE:CVX) stock fell 1.9%.
Elsewhere, Manchester United (NYSE:MANU) stock fell 2.2% after Bloomberg reported that Apollo Global Management (NYSE:APO) is not, after all, interested in buying a stake in the underperforming English soccer giant. The club could be bottom of the English Premier League this evening if it loses a tough game against rivals Liverpool.
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Comments (6)
Casador Del Oso
Aug 22, 2022 11:00AM ET
hawkish pivot. SP500 bottom most likely 2700-2900. could go lower once we get there.
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Bhagwan Dass
Aug 22, 2022 10:59AM ET
NG Gas and us fail EU
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First Last
Aug 22, 2022 10:59AM ET
Or EU failed the US. Should've increased military earlier.
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Buy And Sell
Aug 22, 2022 10:45AM ET
The summer race is over, huge crash starts in the authumn, stocks will decline until summer 2025, so get out of the market now, sell everything or go broke!
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Ryan Lennon
Aug 22, 2022 10:45AM ET
what are you smoking? I want some.
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Gary Moses
Aug 22, 2022 10:45AM ET
Ryan Lennon no you dont. That Guy is Ready to jump off a CLIFF.
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志彬 吳
Aug 22, 2022 10:32AM ET
Show time?
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Shawn Mcghee
Aug 22, 2022 10:15AM ET
Every other day. Inflation fears ease…. New inflation fears…
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prakash beria
Aug 22, 2022 10:15AM ET
inflation is not going to a worry if matched with increasing growth in GDP .i think the rate increase cycle fear is unnecessarily hyped
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prakash beria
Aug 22, 2022 10:15AM ET
inflation is not going to a worry if matched with increasing growth in GDP .i think the rate increase cycle fear is unnecessarily hyped..Prakash Mumbai
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