US Stocks Ended Lower on Tuesday Amid Concerns on Economic Growth, European Stocks Closed Lower.
London, Tuesday, 26 April 2022
US Markets Summary
On Tuesday, US markets finished substantially lower as investors worried about economic growth and awaited results report. The Nasdaq Composite fell 4% to a new 52-week low, slipping deeper into bear territory and now trading at around 23% below its high.
The Dow Jones Industrial Average dropped over 800 points, while the S&P 500 fell 2.8 percent. The tech, consumer discretionary, and banking sectors were the hardest hit.
UPS was down 3% after a report showed quarterly earnings and revenue exceeded expectations but it shipped fewer packages than it did a year ago.
GE was down more than 11% after the company warned supply chain disruptions would pressure its business this year, and UPS was down 3% after a report showed quarterly earnings and revenue exceeded expectations but it shipped fewer packages than it did a year ago.
Tesla's stock also dropped more than 11% a day after Elon Musk, the company's CEO and major shareholder, announced the completion of a deal to buy Twitter.
U.S. Stock Market Indexes as at 4:00 p.m. ET
S&P 500: -120.92 (-2.81%) to 4,175.20
Nasdaq: -514.11 (-3.95%) to 12,490.74
Dow Jones: -810.01 (-2.38%) to 33,239.45
European Markets Summary
The benchmark DAX 30 fell more than 1% to close at a more than one-month low of about 13,750 on Tuesday, driven by defensive sectors such as consumer staples and healthcare.
A new coronavirus outbreak in China, as well as the Ukraine situation, are causing growth and inflation shocks around the world. A deteriorating global picture followed vigorous tightening by major central banks to control inflation, which is already at record highs.
On the corporate side, HSBC fell more than 5% after reporting a 27 percent drop in quarterly profit. AB Foods was down 5% after the business announced it would raise prices to deal with out-of-control inflation. In the meantime, Europe's regional Stoxx 600 stock index fell 0.9 percent to 441 points.
European Stock Market Indexes
STOXX Europe 600: -4 points, or 0.9%, to finish at 441.10 points
FTSE 100 in London: +5.65 points, or 0.08%, to 7,386
DAX 30 in Germany: -167 points, or 1.2%, to end the day at 13,756
CAC 40 in France: -34 points, or 0.54%, to close at 6,414
FTSE MIB 30 in Italy: -226 points, or 0.95%, to 23,681
IBEX 35 in Spain: worst performer of the day, -135 points, or 1.58%, to end the day at 8,439
Ten-year U.S. Treasury note: -5.4 bps to yield 2.7720%
U.S. Dollar Index (DXY): 102.34, +0.59 or +0.57% as on Apr 26, 2022 at 5:46 p.m. EDT
VIX volatility index: +6.50 (24.06%), 33.52 as on 26 Apr, 15:15 GMT-5
Crude Oil WTI (NYM $/bbl) Front Month:$101.71, + 3.17 or + 3.22% as on Apr 26, 2022 4:59 p.m. EDT
Brent Crude Oil Continuous Contract: $101.71 +3.17 or + 3.22% as on Apr 26, 2022 4:59 p.m. EDT
Gold: +5.88+0.31% at 1,905.58 an ounce as on April, 26 2022 at 18:02 NY Time
Silver: -0.18 -0.75% at $23.51 an ounce as on April, 26 2022 at 18:02 NY Time
Bitcoin: −2,101.50 (5.20%) at $ 38,337.70 as on 26 Apr, 22:00 UTC
Ethereum: −166.08 (5.52%) at $ 2,841.16 as on 26 Apr, 22:00 UTC
(Written and edited by: The Decision Maker)