Market Updates
Nasdaq Erases 1.4% Rebound After Tech Stocks Lose Momentum
Barry Adams
27 Apr, 2022
New York City
U.S. stocks opened higher and quickly reached the high of the day after thirty minutes of trading.
The S&P 500 and Nasdaq Composite fell sharply after one hour of trading and tested low of the day. Indexes continued to rebound in the rest of the session till the final hour.
At close, the S&P 500 index edged up 0.2% and the Nasdaq Composite Index fell 0.01%.
Microsoft jumped 5% after reporting strong growth across all business segments and Alphabet Inc declined 4% after revenue growth disappointed investors.
After the close Meta Platforms is scheduled to report earnings. Amazon and Apple are scheduled to report earnings on Thursday.
U.S. 10-year Treasury bond yield increased a fraction to close at 2.82%.
Crude oil edged up 45 cents to close at $102.15 a barrel and gained by the same amount to close at $105.20 in international trading.
European markets closed up between 0.2% and 0.4%.
Asian markets closed mixed with the Nikkei index in Tokyo down 1.2% and the Sensex index in Mumbai fell nearly 1%.
The Indian government is set to open next week the trimmed public offering of Life Insurance Corporation.
The LIC is the largest insurance company in India and the 221 million shares offering is set to raise at least $2.6 billion.
LIC, the household name in India, has about 100,000 and has 250 million policyholders.
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