Market Updates
Stocks Extend April Sell-off as Stagflation Prospects Rise
Barry Adams
25 Apr, 2022
New York City
Benchmark indexes in New York trading extended April losses as investors confront a new reality of prolonged supply chain disruptions on the rising coronavirus cases in China.
Over the weekend, China reported a surge in new coronavirus cases in the capital city of Beijing and announced new testing and lockdown measures in business districts.
Shanghai, the financial capital, remains in a prolonged lockdown and reported at least 100 new deaths linked to Covid-virus and food supplies in the city worsened.
In Monday's trading, Shanghai index dropped 5% and declined to a 2-year low and the Hong Kong index plunged 4% and extended loses to a 5-year low.
After 30 minutes of trading, the S&P 500 index declined 1.2% and the Nasdaq Composite fell 0.7%.
For the month, the Nasdaq Composite is down 10% and the S&P 500 6%.
About 700 companies are scheduled to release earnings this week including 160 companies in the S&P 500.
Coca-Cola advanced 2% and reported better-than-expected quarterly earnings before the markets opened in New York.
Crude oil declined 5% on the growing prospect of global slowdown and traded at $97.22 a barrel and Brent crude dropped 4.9% to $101.60 in international trading.
The U.S. 10-year Treasury yield eased to 2.78% as investors are increasingly factoring the slowing economy coupled with the rising inflation leading to a stagflation.
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