Wall Street closes lower

Tuesday, July 12, 2022 10:34 PM

This article contains information about: Dow, Twitter, TWITTER INC.,

US equities closed lower on Tuesday ahead of crucial inflation figures on Wednesday, while oil prices fell sharply.

The S & P500 index fell 0.92 percent to 3,818.80 points, the Nasdaq lost 0.95 percent to 11,264.73 points, and the Dow Jones index fell 0.62 percent to 30,981.33 points.

Earlier in the day, stock prices remained close to Monday’s close. However, the dip in oil prices caused energy company stocks to fall and all other sectors fell due to fears of a recession.

The strong dollar weighed on the mood.

Ten-year government bond yields fell from 2.99 to 2.96 percent as investors fled into safe government bonds.

According to market analyst Michael Hewson of CMC Markets, the focus this week is mainly on the US inflation data that will be released on Wednesday. Inflation is expected to rise to 8.8 percent in June, while core inflation is expected to reach 5.7 percent according to the market.

There is some optimism about grain and maize prices, which have fallen, but the question is whether this will be reflected in Wednesday’s inflation figures.

Traders are also wary of corporate earnings. The quarterly earnings season starts on Thursday.

Investors are also concerned about the corona situation in China, where new shutdowns are announced and an energy crisis threatens in Europe if Russia shuts down the gas tap completely.

Meanwhile, the euro / dollar has traded around parity, as the dollar is considered a safe haven. The currency pair traded at 1.0033 after briefly reaching the 1.0000 level this morning. However, the euro built a break before dipping below the dollar, which is expected to happen.

At the macroeconomic level, Tuesday was calm. Confidence among U.S. small business owners fell in June, figures from the National Federation of Independent Business (NFIB) showed Tuesday.

The confidence index stood at 89.5 in June against an almost stable level of 93.1 in previous months.

According to the NFIB, small business owners have never been so pessimistic about the future of the US economy, primarily due to high inflation and the sound of a recession.

WTI oil has become much cheaper. The future in August cost $ 95.70 Tuesday night. That’s more than 8 percent less than the day before. Brent oil is now also below $ 100 to $ 99.27 for September futures. OPEC’s monthly report was not very exciting on Tuesday, as expected growth in oil demand in 2022 remained stable, as in May and June.

Company news

Boeing rose 7.5 percent on the news that 21 aircraft were delivered in the second quarter, up significantly from 95 in the previous quarter.

American Airlines closed even 10 percent higher after the airline maintained its second-quarter revenue forecast and calculated more revenue per mile flown.

PepsiCo exceeded expectations last quarter. Revenue expectations also rose while the rest of the outlook was maintained. The stock closed slightly lower.

Twitter has sent a letter to Elon Musk saying the attempts to terminate his $ 44 billion acquisition deal are “invalid and illegal”. Shares on Twitter rose 4 percent.

Demand for personal computers has not fallen that much in a decade, according to research firm Gartner. Deliveries fell by nearly 13 percent year-on-year in the second quarter.

The peloton stops producing its own fitness equipment. The company will expand its partnership with its Taiwanese manufacturer Rexon Industrial, which will then manufacture the majority of Peloton’s exercise bikes and treadmills. The stock closed 3.7 percent higher.

The Twitter share price is traded live at € with a difference of † Today’s highest price is € with the low of €

The stock price of TWITTER INC. Quotes lives at € with a difference of † Today’s highest price is € with the low of €

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