Bond yields rose to multi-year highs and crude oil fell after three large cities in China impose stricter mobility and social gathering restrictions. Crude oil fell 4%.
MongoDB plunged after the company revised its annual outlook. Ciena fell on sales outlook. Signet declined after same store sales fell. Nvidia and AMD declined on the new U.S. licensing restrictions.
Stocks extended losses for the fifth day in a row and bond yields continue to rise ahead of the jobs report Friday. Markets are bracing for a series of rate hikes in the U.S. and Europe after central bankers orchestrated a campaign in support of higher rates.
World markets closed down more than 4% as central banks around the world set the stage for rate hikes beginning as early as next week. Energy prices remained in focus after inflation accelerated in Europe.
Bed Bath & Beyond announced a restructuring plan as same store sales plunge and consumers look elsewhere for popular branded goods. Snap plans to cut its operating costs. PVH lowered its annual outlook.
Private sector job additions slowed sharply in August as employers struggle with economic uncertainties. Mortgage applications and volumes declined as rates continue to climb.
U.S. stocks extended losses for the third day in a row and 2-year Treasury yield rises to a high since 2007 on stagflation worries. Crude oil prices fell 4% after Iraq confirmed that oil exports are not affected by the current civil unrest.
Best Buy sales, comparable sales and earnings dropped as consumers avoid shopping expensive electronics. Big Lots comparable sales declined lapping stimulus driven purchases. Peloton said it needs more time to file its annual report.
Central bankers in the U.S. and Europe are expected to lift rates by at least 50 basis points at their next meetings and policymakers are playing catch up after four-decade high inflation spread wide and deep in the broader economies across the Atlantic.
Walmart announced a public offer to acquire remaining shares in South Africa-based retailer. Bristol-Myers said it plans to continue additional trials for its new blood thinner products despite the latest setback.
Stocks extended Friday's market selloff as investors focus on the implications of rising rates on the broader economy and company earnings. Energy complex stocks advanced.
Fed chief's tough stance against high inflation prompted a sharp selloff on Wall Street and in Europe. Indexes sank as investors recalibrated rate outlook after Powell hinted taming inflation may take longer and need tougher measures.
European markets extended weekly losses after comments from the U.S. Fed Chairman Powell heightened rate jitters. U.K. regulator lifted price cap on energy bills, reflecting sharp jump in market prices.
OpenText agreed to acquire Micro Focus for $6 billion. Gap withdrew its annual outlook and struggles with inventory surge and falling sales. Ulta Salon revised annual outlook slightly higher. Farfetch's operating loss in the quarter surged.
