August 20, 2022

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Wall Street closed lower in Apple shares and bank shares

Wall Street closed lower in Apple shares and bank shares

  • Indices down: Dow 0.69%, S&P 500 0.84%, Nasdaq 0.81%
  • Apple shares fall after report on slowing hiring
  • Bank stocks erase their gains to close

July 18 (Reuters) – Wall Street closed lower on Monday after banking shares erased earlier gains and Apple (AAPL.O) Shares were pulled down by a report that the company plans to slow growth in employment and spending next year.

After announcing strong gains to start the session after Bank of America Corp (BAC.N) and Goldman Sachs Group Inc. (GS.N)Standard & Poor’s, the financial sector (.SPSY) Weakened in closure.

Apple shares reversed course to close 2.1% lower at $147.1 on a Bloomberg report that said the company plans to slow employment growth and spending next year in some units to deal with a potential economic slowdown. Read more

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Goldman Sachs advanced 2.5% as it reported a smaller-than-expected 48% decline in second-quarter earnings, buoyed by strength in fixed income trading.

Concerns about a 1 percentage point rate hike eased at the end of July after Fed officials said last week that policy makers could commit to a 75 basis point hike. Read more

“It’s really hard to maintain the bullish momentum,” said Ross Mayfield, investment strategist at Bird in Louisville, Kentucky. “And that’s kind of a bear market story.”

A trader works at the New York Stock Exchange (NYSE) in New York City, US, July 13, 2022. REUTERS/Brendan McDermid

Dow Jones Industrial Average (.DJI) The index fell 215.65 points, or 0.69%, to 31,072.61 Standard & Poor’s 500 (.SPX) It lost 32.31 points, or 0.84%, to 3,830.85 points, and the Nasdaq Composite (nineteenth) It fell 92.37 points, or 0.81%, to 11360.05 points.

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Nine of the 11 major sectors in the S&P 500 fell, with Healthcare (.SPXHC) and facilities (.SPLRCU) Suffers the greatest decline, while energy (.SPNY) He got the biggest gains.

Earnings for major tech companies will be closely watched next week, after their shares have come under massive selling pressure for most of this year.

Among other technology stocks, Alphabet, Google’s parent company, was down 2.5%. IBM shares fell 1.3 per cent.

Volume on US exchanges was 10.63 billion shares, compared to an average of 12.15 billion for the full session over the last 20 trading days.

Advance issues outnumbered declining issues on the New York Stock Exchange by 1.20 to 1; On the Nasdaq, the ratio was 1.06 to 1 in favor of declining stocks.

The S&P 500 hit a new 52-week high and 31 new low; The Nasdaq recorded 30 new highs and 78 new lows.

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(cover by Echo Wang) in New York. Additional reporting by Shriachi Sanyal, Bansari Mayor Kamdar and Sruthi Shankar in Bengaluru; Editing by Shunak Dasgupta, Anil de Silva and Deepa Babington

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