![]() Chip stocks started to slide Friday with the SOX index down 12% since the announcement of widened restrictions on what U.S. Both Meta and Netflix have dropped more than 60% in the year to date.Ĭhip stocks were also hammered, with the PHLX Semiconductor Indexĭropping 2.5%. Video-streaming giant Netflix Inc.Īnother pandemic highflier, was down more than 6%. Large-cap tech-related shares, which had driven the stock-market rally off the 2020 pandemic lows, continued to be hit hard, with shares of Facebook parent Meta Platforms Inc.ĭown more than 4%. “There is a significant chance that by the time we are in a recession, markets will already be pricing in the recovery, as markets are forward looking.” “While we believe a recession is inevitable, it’s impossible to factor this into an actionable stock market view because we don’t know how much recession risk is already priced into markets,” he said, in emailed comments. with $3.85 billion in assets under management. The Hong Kong, South Korean, Taiwanese and Singaporean markets were among the biggest losers.Įuropean stocks were attempting to stage a comeback following six sessions of losses.“This is an awful stock market environment that is grappling with a weakening economy, uncertainty over earnings and how long the Fed’s tightening will last, and sentiment issues with an extremely risk averse investor psychology,” said David Bahnsen, chief investment officer at The Bahnsen Group, a wealth management firm based in Newport Beach, Calif. The major Asian markets fell across the board on Thursday, impacted by the uninspiring lead from Wall Street overnight and apprehensions ahead of the U.S. BABA fell over 1.50%.Ĭrude oil futures were pulling back for a fourth straight session and traded just above $87-a-barrel on Thursday. Chinese e-commerce stocks Pinduoduo, Inc.GSK for its respiratory syncytial virus vaccine Pfizer also has a late-stage vaccine candidate for RSV. PFE rose about 2.8% following positive Phase 3 data reported by rival GlaxoSmithKline plc. TotalEnergies SE TTE rallied about 3% in premarket trading.WBA are among the companies releasing their quarterly earnings ahead of the market open. Taiwan Semiconductor Manufacturing Company Limited TSM was advancing following the release of its quarterly results.GOOG GOOGL approved Truth Social for Play Store. DWAC - SPAC partner of Donald Trump's TMTG - was skyrocketing after Alphabet, Inc. AMAT lowered its October quarter guidance, citing U.S. Semiconductor and chip equipment manufacturers could come under pressure after Applied Materials, Inc.See Also: 10 Best Inflation Hedges: Stocks, Cryptos, Government Bonds, And Fractional Investing In Rare Items The Treasury will auction 30-year bonds at 1 p.m. The routine weekly crude oil inventories will be released by the Energy Information Administration at 11 a.m. ![]() The number of people filing for unemployment benefits may have increased from 219,000 to 225,000. The Labor Department will also release the jobless claims report for the week ended Oct. ![]() The month-over-month rate is expected to accelerate from 0.1% to 0.2%. ![]() Economists, on average, expect the annual rate of the headline inflation to come in at 8.1%, slowing from the 8.3% pace in August. On the economic front, the Labor Department will release its consumer price inflation report for September at 8:30 a.m. ![]()
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