Virus fear and Fed provide strong negatives on Wall Street

Asia's Tech News Daily

Virus fear and Fed provide strong negatives on Wall Street

Stock markets in New York closed with heavy losses on Tuesday. Investors are still concerned about the impact of the new Omikron variant of the coronavirus, especially as current vaccines appear less effective. It may take months to produce a new vaccine. In the meantime, the Federal Reserve is looking at a possible faster reduction of corona support due to the high inflation.

Fed boss Jerome Powell said during a Senate testimony that he would investigate the faster support cut. According to Powell, inflation could rise further due to the new variant. Supply problems could also worsen, slowing the recovery of the US economy.

The Dow Jones Industrial Average closed the session with a loss of 1.9 percent at 34,483.72 points. The broad S&P 500 also lost 1.9 percent to 4567.00 points and technology exchange Nasdaq fell 1.6 percent to 15,537.69 points.

Facebook mom Meta lost 4 percent. The tech company again sees one of the executives at its fintech division resign. David Marcus’s departure comes as Facebook attempts, unsuccessfully so far, to launch a digital currency that can be used to send money online through Facebook products worldwide. The British market regulator has also ordered Meta to sell animation platform Giphy. The earlier takeover of the database for gif animations harms competition too much, according to the regulator.

Telecom group AT&T lost 4.4 percent in market value. The company expects the growth of new subscribers to slow down for the foreseeable future. This year, AT&T attracted new customers with, among other things, free phones. The company also benefited from higher consumer spending. But it won’t stay that way, they warned.

Pharmaceutical Merck lost again, losing a total of about 15 percent in market value in November. The price drop was mainly due to the disappointing effect of the corona pill, about which Merck informed the markets at the beginning of November. Vaccine maker Moderna lost 4.4 percent. According to CEO Stephane Bancel, the current vaccine against corona is probably less effective against the new variant.

The euro was worth $1.1339, against $1.1277 earlier in the day. A barrel of US oil cost 4.6 percent less at $ 66.74 and Brent oil fell 3.9 percent in price to $ 70.57 per barrel.

Virus fear and Fed provide strong negatives on Wall Street
Source link Virus fear and Fed provide strong negatives on Wall Street

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