Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Meta Materials and Panasonic Industry Collaborate on Next Generation Transparent Conductive Materials

    September 29, 2023

    Maritime’s green future priced at $28 billion annually until 2050 by UNCTAD

    September 29, 2023

    U.S. Polo Assn. Launches Global Fall-Winter 2023 Collection

    September 26, 2023
    Facebook X (Twitter) Instagram
    Zambia LiveZambia Live
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Zambia LiveZambia Live
    Home » Wall Street records sharpest plunge since 2020, Dow drops 1100 points
    Business

    Wall Street records sharpest plunge since 2020, Dow drops 1100 points

    May 18, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email

    On Wednesday, the Dow Jones Industrial Average recorded its biggest plunge since 2020 after another prominent retail company warned of escalating prices, reinforcing investors’ apprehensions about future inflation, and triggering the catastrophic 2022 sell-off. The Dow lost 1,164.52 points, or 3.57%, to 31,490.07, the index’s steepest slide since June 2020. It was the most disappointing Dow performance since March 2021.

    Wall Street records sharpest plunge since 2020, Dow drops 1100 pointsMeanwhile, the S&P 500 closed 4.04% lower at 3,923.68, marking the most severe fall since June 2020. The Nasdaq Composite is down 4.73% to 11,418.15, which is the steepest downturn in the tech-heavy index since May 5. The shedding was extensive and pronounced on Wall Street with just eight members of the S&P 500 in the green.

    Investors fear rising inflation is eating into corporate profits and consumer demand in the wake of Target and Walmart’s back-to-back quarterly earnings reports. Five times this year, the Dow has declined by more than 800 points as the stock market sell-off intensified within the last month. Target’s first-quarter earnings were lower than Wall Street estimates due to higher fuel and compensation costs. Target shares fell 24.9% Wednesday. This resulted in lower sales of discretionary items like TVs.

    Walmart also posted earnings that fell short of expectations due to higher fuel and labor costs on Tuesday. Walmart shares ended the day down 11%. On Wednesday, the market fell 6.8% more. Other retailers suffered a blow on the back of Target’s quarterly earnings shortfall, with the SPDR S&P Retail ETF dropping 8.3%. Amazon’s stock price plummeted 7.2%, and Best Buy’s stock price decreased 10.5%. Dollar General’s dropped 11.1%, and Dollar Tree’s tumbled 14.4%. Shares of Macy’s slid 10.7%, while shares of Kohl’s plunged 11%. Lowe’s dropped 5.3% after underperforming sales expectations in its first quarter report as consumers bought fewer supplies for outdoor projects.

    The yield on the benchmark 10-year Treasury note has fallen below 2.9% after initially topping 3% on Wednesday morning as investors gravitated back into bonds as a dependable alternative. The Dow has slumped for seven consecutive weeks, but stocks had rallied over the previous three trading sessions. Last week, the S&P 500 sank to the threshold of a bear market or 20% below its record high. After Wednesday’s tumble, the S&P 500 now lies 18.6% below its nadir and is off 17.7% for 2020.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email

    Related Posts

    Maritime’s green future priced at $28 billion annually until 2050 by UNCTAD

    September 29, 2023

    From India to Brazil, leadership transition marks G20 Summit’s conclusion

    September 11, 2023

    African Union Inducted into G20 on India’s Initiative

    September 9, 2023

    Biden and Modi cement ties as India ascends global stage

    September 9, 2023
    Breaking News

    Maritime’s green future priced at $28 billion annually until 2050 by UNCTAD

    September 29, 2023

    World Tourism Day 2023 calls for sustainable growth in tourism

    September 26, 2023

    UAE and India discuss strategic ties at UNGA78 in New York

    September 26, 2023

    Leaders of UAE and Netherlands convene to reinforce mutual cooperation

    September 26, 2023

    From India to Brazil, leadership transition marks G20 Summit’s conclusion

    September 11, 2023

    African Union Inducted into G20 on India’s Initiative

    September 9, 2023

    Biden and Modi cement ties as India ascends global stage

    September 9, 2023

    UN calls for greater female representation in police forces worldwide

    September 8, 2023
    © 2021 Zambia Live | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.