• AAPL
    174.22 USD -0.55%
  • NFLX
    363.05 USD -0.64%
  • NVDA
    311.79 USD -0.28%
  • META
    248.34 USD 1.09%
  • BRKA
    501198.61 USD -1.19%
  • T
    16.38 USD 0.43%
  • ADBE
    372.09 USD 0.22%
  • TSLA
    188.89 USD 4.85%
  • MMM
    101.72 USD 2.71%
  • SP500
    4193.05 USD 0.02%
  • MSFT
    321.21 USD 0.89%
  • AMZN
    115.02 USD -1.07%

Tech sell off marks the end of the year trading

Just a few days before the end of the trading year, investors continued to sell tech stocks, sending the Nasdaq to more than two-month lows.

With only a few days left until the end of the trading year, investors continued to sell tech stocks, sending the Nasdaq to more than two-month lows on Wednesday. The Nasdaq dropped 1.1% to reach its lowest point since October 13th.

The Dow Jones Industrial Average lost 216 points or 0.7% and the S&P 500 dropped by 0.8%. The S&P 500 is expected to have its worst annual loss since the 2008 financial crisis.

Apple led the selling in the technology sector, plunging more than 2%. There are ongoing concerns about an iPhone supply deficit and a manpower shortage at Foxconn’s primary production site in Zhengzhou, China. Tesla traded merely 2% higher following the exhaustion of its recovery from a recent 52-week low. 

More to read: Wife of Hal Finney organizes BTC charity marathon

Industrials also took a hit. Airline equities weakened after a wave of cancellations following a major winter storm that has halted travel in several areas of the US. Following a warning that it would keep cancelling flights until it could resume regular operations, Southwest Airlines saw a 3% decline. More than 1% was lost by AAL  and DAL.

Due to increasing interest rates and the worry of a US recession, equities are on a firmer path to end the year in the red. Wall Street suffered a decline, despite reduced trading volumes.

Dollar picks up as traders move towards risk

The Canadian dollar (CAD) is under pressure due to an inflated American dollar. USD/CAD trades at about 1.3600. The US dollar Index (DXY), a measure of the value of the dollar relative to a group of competing currencies, rises 0.18% to 104.454. Higher US treasury bond rates also helped the greenback. The benchmark 10-year note rate rises three and a half basis points to 3.879%. 

While GBP/USD is trading at 1.2025, the EUR/USD pair is still trading around 1.0600, down for the day. Finally, the USD/JPY pushes through its 134.30 area weekly highs.

Oil falls below a crucial point

Oil prices fell on Wednesday as traders weighed the likelihood of loosening pandemic restrictions in China. 

You may also like: Twitter has a new decentralized competition – what is Nostr?

The Russian decision to reduce oil exports to nations who uphold the price ceiling was disassociated by OPEC+. Although intraday losses were cut before the close, crude oil slipped lower. The price of Brent oil futures dropped $1.07, or 1.3%, to end at $83.26 a barrel, while the price of US West Texas Intermediate crude futures dropped 57 cents, or 0.7%, to settle at $78.96 per barrel.

Tomáš is a financial reporter with US markets as his main field. Tomáš is an aspiring author and entrepreneur aspiring to help people get better in financial knowledge.


Post has no comment yet.

Want add your comment? Sign up or Sign in