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Wall Street hurt by big tech – Alphabet leads the sell off

Wall Street takes a hit after Google (Alphabet) sells massively. Oil rises slowly regaining last week's losses.

Wall Street was not able to keep up with the European session’s gains and closed red all across the board. The S&P 500 dipped on Wednesday after a Google sell-off hurt technology stocks. Alphabet closed more than 7% in the red.

Google organized an event to celebrate the introduction of their AI chatbot – Bard. However, prior to the event, the AI chatbot allegedly provided false responses in an online advertising. The S&P 500 decreased by 1.1%, the Dow Jones decreased by 0.62%, or 211 points, and the Nasdaq decreased by 1.6%.

Fed’s dovish sentiment fizzled out

The US dollar concluded Wednesday with a mixed performance, as the excitement generated by Fed’s chair Powell eased throughout the course of the day. The Euro remains one of the weakest competitors to the US dollar, hovering around 1.0725.

ECB authorities repeated their hawkish language. Klaas Knot, a member of the ECB’s monetary policy committee, stated that headline inflation looks to have peaked. Knot also added, that it may be necessary to maintain the present rate of rate hikes until May if core inflation does not decrease much.

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The GBP/USD trades at 1.2070, maintaining slight intraday gains. The AUD/USD fell to 0.6920 as a result of Wall Street’s weak performance. At present, the USD/JPY exchange rate is resting around 131.40.

Commodities feel the rebound after last week’s disaster

Gold reached a new week top of $1,886.31 at the start of the trading day, but has since returned to about $1,874. This is a flat end for the US market with only a 0.07% in the green. 

Wednesday was the third consecutive day of gains for oil prices as bulls in the market were stubborn in the face of data indicating a seventh consecutive increase in weekly crude stocks due to growing output and dropping exports.

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Following two deadly earthquakes in the region, Turkey restarted crude-oil shipments to the Mediterranean port of Ceyhan on Tuesday. The oil bulls simply ignored the fact, that it was supposed to be shut until late Wednesday minimum.

West Texas Intermediate, or WTI, futures for March closed 1.7% greener, at $78.47 per barrel. Brent crude for March delivery cashed in a green 1.7%, to $85.09. Both of the global benchmarks fell 7.5% last week.

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.


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