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Netflix plunged 71%, Facebook 52%… New York stock market, worst ‘first half’ in 52 years

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On the 30th (local time) on the New York Stock Exchange, Tesla stock fell 1.76% to $673.

Large tech stocks also fell all at once, including Apple’s decline of 1.8%, Microsoft’s 1.35%, Amazon’s 2.49%, and Google’s 2.57%.

Semiconductor stocks also fell 2.46% for Nvidia, 1.07% for Philadelphia Semiconductor and 1.32% for Micron.

The Dow Industrial Average fell 0.80% on the previous day.

The large-cap S&P 500 index fell 0.86% to 3785.98, while the tech-focused Nasdaq Index fell 1.33% to 11,028.74.

The three major indices showed a downward trend throughout the day, the last trading day of the first half.

The first half was the worst period, with the S&P index entering an official bear market (bear market), where it fell more than 20% from its previous high.

CNBC reported that it was “the lowest in 52 years since 1970.”

During the first half of the year, Netflix plunged 71%, Meta (Facebook) 52%, Disney 39%, JP Morgan 29%, Google 25%, and Apple 23%, respectively.

The New York Times (NYT) assessed that while the US economy grappled with inflation and the possibility of a recession, financial markets, including the stock market, were also producing the worst records. The bond market performed even worse.

The price of the 10-year U.S. Treasury note, which is the basis for various interest rates, including mortgage rates, fell by about 10%. A fall in bond prices means an increase in interest rates.

Inflation indicators released before the opening day were still high.

According to the U.S. Department of Commerce, the personal consumption expenditure (PCE) price index rose 6.3% in May from the same month last year. Wall Street’s estimate (6.4%) was slightly below expectations. However, it is still high at the level of the early 1980s.

The core PCE price index, excluding volatile energy and food, rose 4.7% from a year ago.

However, some experts point out that the stock price is highly likely to rise in the second half of this year, as concerns about the economic slowdown were reflected in the first half.

“We can bet on the uptrend in the second half of this year,” said Brent Schutt, senior analyst at Northern Western’s Mutual Wealth Management.

However, Steve Sosnick, chief strategist at Interactive Brokers, said, “The stock price may bottom out before a rebound, but it’s unclear whether the stock has reached the bottom.”

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.