New York stock markets closed down on Monday (22), with their worst daily performance since June.
The negotiations take place on the eve of the Jackson Hole Symposium, which should bring clues about the Federal Reserve’s (Fed, the US central bank) stance on the next decision. Among the highlights of the day are the 5% and 6% drops for Ford and Netflix, respectively.
At the close, the Dow was down 1.91% to 33,063.61 points, the S&P 500 was down 2.14% to 4,137.99 points, and the Nasdaq was down 2.55% to 12,381.57 points.
These were the biggest daily drops since mid-June for the first two equity indices and the end of the same month for the Nasdaq.
Caution prevails in international markets, as they await the start of Jackson Hole, next Thursday, the 25th, and a speech by Fed President Jerome Powell, the following day. The expectations of different banks and consulting firms are that the authority will reiterate the institution’s commitment to fighting inflation, despite the growing risks of recession in the country.
In the markets, bets for a 75 basis point hike in basic interest rates at the next Fed meeting, in September, are again in the majority, shows a tool from the CME Group.
Ford’s 5.04% drop was also among the day’s highlights, following news that the automaker was fined $1.7 billion for a fatal accident involving one of its vehicles. Still, the company confirmed that it will lay off almost 3 thousand employees to cut costs.
Netflix shares, meanwhile, fell 6.06%. Research director at CFRA Research, Kenneth Leon lowered the company’s target price by $7 to $238. underperformed the S&P 500 index for the remainder of 2022,” he said.
In his view, Netfliz will have a difficult second half of the year, with earnings per share and Ebitda, for example, lower than in the first half.
Other major stocks such as Goldman Sachs (-1.96%), Microsoft (-2.94%) and Boeing (-2.42%) also saw losses. On the S&P 500, all sectors ended the session in the red.
*With information from Dow Jones Newswires.
Source: CNN Brasil
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