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Stock Market Today-1/18: Dow, Tech Stocks Fall; Activision takes off
- Stocks slide amid soaring global oil prices and a jump in benchmark Treasury bond yields.
- Inflation fears resurface as oil hits a new seven-year high and JPMorgan CEO Jamie Dimon predicts up to six Fed rate hikes before the end of the year.
- Benchmark yields on 2-year notes hit 1.03%, the highest in two years, while 10-year yields hit a post-pandemic high of 1.831% in overnight trades.
- Earnings take center stage this week with 40 S&P 500 companies reporting; Refinitv’s forecast calls for a 23.1% increase in collective profits to $434.4 billion.
- Goldman Sachs misses fourth-quarter profit forecast even as investment banking fees rise amid record year for M&A activity.
- Activision Blizzard shares soar after Microsoft’s proposed $68.7 billion takeover
- Airlines are warning of chaos in flight cancellations as 5G network rollout is set to begin later this week.
Updated at 1:15 p.m. EST.
US stocks fell on Tuesday as Treasury bond yields jumped and oil prices hit seven-year highs as investors look to kick off another key week in corporate earnings plagued by worries about inflation and Federal Reserve rate hikes.
Yields on the 2-year benchmark note topped 1% in overnight trading for the first time in nearly two years, reflecting investor concern not only for an extended period of faster inflation readings , but also for an aggressive response from the Fed, which could assess rates at least three times this year.
CME Group’s FedWatch tool puts the odds of a March hike at 88.4%, while JPMorgan CEO Jamie Dimon warned last week that up to six rate hikes could be needed to fight back. against the fastest inflation in forty years.
Rising bond yields are likely to dictate trading today, especially in technology, where the Nasdaq Composite is down 4.8% for the year and trading in negative territory for the past three months.
Oil prices will also be in focus after Brent crude approached $88 a barrel in overnight trading, the highest in seven years, following an attack on the United Arab Emirates by Houthi rebels from Yemen – which are aligned with Tehran – which has raised concerns. on the disruption of supply in the Middle East region.
Earnings will also take center stage later this week, with updates from Procter & Gamble (PG) – Get the Procter & Gamble company report, United Health (A H) – Get the UnitedHealth Group Incorporated report, United Airlines (LAU) – Get the report from United Airlines Holdings, Inc. and Netflix (NFLX) – Get the report from Netflix, Inc. highlighting a week when 40 S&P 500 companies will report.
Collective S&P 500 earnings are expected to rise 23.1% from last time to $434.4 billion, according to Refinitiv forecasts, before slowing to an annual rate of around 19.5% for the set of 2022.
On Wall Street, the Dow Jones Industrial Average fell 590 points early in the afternoon while the S&P 500 fell 841 points, or 1.8%, lower, extending its decline since the start of the l year at around 3.95%.
The tech-focused Nasdaq, meanwhile, fell 300 points as yields on benchmark 10-year Treasuries soared to a post-pandemic high of 1.852% at the start of trading in New York.
ActivisionBlizzard (ATVI) – Get the Activision Blizzard, Inc. report. stocks were the most notable driver, climbing more than 25% after Microsoft (MSFT) – Get the Microsoft Corporation report offered the biggest buyout ever in the video game industry, which would value the Call of Duty maker at $68.7 billion.
Goldman Sachs (GS) – Get the report from Goldman Sachs Group, Inc. kicked off this week’s earnings slate with a weaker-than-expected fourth-quarter report, sending shares down 8.4% — the most since June 2020 — in Tuesday morning trading.
Airline stocks were also front and center after another weekend of flight chaos and a warning about the impact of 5G networks on aircraft navigation systems.
United Airlines was down 2.35% to $45.60 each, while American Airlines (AAL) – Get the report from American Airlines Group, Inc. fell 3% to $17.93 each. Delta Airlines (FROM) – Get the report from Delta Air Lines, Inc. were down 1.6% to $39.68 each.
In overseas markets, the European Stoxx 600 closed down 1% in Frankfurt at 479.79 points, while the Japanese Nikkei 225 closed down 0.27% in Tokyo at 28,257.25 points.
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