Market Updates
Rate and Inflation Worries, Supply Disruptions Compound Investor Anxieties
Barry Adams
22 Apr, 2022
New York City
Stock sell-off in the final hour intensified and major averages closed down for the third consecutive week in a row.
Weak earnings in the healthcare sector compounded investor anxieties after hawkish comments from Fed Chairman Powell a day ago.
The S&P 500 and the Dow fell 2.8% and the Nasdaq Composite index closed down 2.6% in a broad market sell-off. Tech, healthcare, financials and consumer sector stocks participated in the decline for the second day in a row.
The Dow Jones Average extended losses for the fourth week in a row and the S&P 500 and the Nasdaq Composite indexes declined for the third week in a row.
For the week, the Dow fell 1.9%, the S&P 500 declined 2.8%, and the Nasdaq Composite dropped 3.8%.
In the year so far, the Nasdaq has fallen 17.9% and the S&P 500 is down 11%, and the Dow has declined 8%.
Mining and metal sector stocks were also on the defensive on the worries that a faster rise in rates may negatively impact the demand. Nucor and Freeport-McMoRan declined more than 6%.
Nucor in Thursday's trading reached a new record high after reporting strong earnings.
Apparel retailers fell sharply after Gap expanded its range of sales decline in the quarter just completed on the troubles in its Old Navy division.
American Eagle, TJX, Nordstrom, Dillard's, Macy's, Ross Stores, Abercrombie & Fitch, Ralph Lauren fell between 3% and 9%.
At least 700 companies are scheduled to release earnings next week including Apple, Amazon, Facebook parent Meta, Microsoft, and Google parent Alphabet.
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