Closing bell: Heavy losses on Wall Street - Dow Jones, Nasdaq 100 and S&P 500 collapse

After a strong midweek recovery, US stock markets fell again significantly on Thursday. The more than three per cent increase in US 10-year government bond yields has added to the tension. In addition, productivity in the US economy fell more sharply than expected in the first quarter, and fell more sharply than at any time since 1947.

The Dow Jones Industrial Average lost 3.1 percent to 32,997 points at the end of trading, posting the largest daily percentage loss since October 2020 after the leading US index recovered nearly three percent on Wednesday. The Standard & Poor’s 500 lost about 3.6 percent to 4,146 points, and the Nasdaq 100 lost about five percent to 12,850 points. It approached its lowest level earlier in the week, when it fell to its lowest level in more than a year.

The US Federal Reserve had previously set the key interest rate much higher, but at the same time put an end to the possibility of even larger hikes. Thus, the possibility of a rate hike of 0.75 percentage point, which was previously discussed in the markets, is less likely, but experts now see this as a double-edged sword.

Among the individual values, the quarterly reports were again in focus. So the shares ebay in Nasdaq by about twelve percent. Concerns about growth weighed on the auction platform’s shares. Although the first quarter was better than feared, the challenging environment is slowing ambitions for the second quarter and for the year as a whole, said JPMorgan expert Doug Anmouth.

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Shopify It fell about 15 percent after expectations of missed earnings and the announced acquisition — the largest in the company’s history for an e-commerce platform. Concerns about a dip in online purchases as the Covid-19 pandemic ends are now increasingly putting pressure on Amazon. Shares of the world’s largest online retailer lost nearly seven percent.

On the other hand, the breakfast cereal manufacturer posted a surprisingly strong quarter Kellogg And raise sales forecasts. Then stock certificates rose by about four percent.

Nicola Although it posted a lower quarterly loss than it did a year earlier, it was well received by investors: Shares of the electric truck maker were up about six percent. The company also confirmed its expectations for the current fiscal year.

With material from dpa-AFX.

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