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Wall Street Retreats as Recession Fears Continue By Reuters

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© Reuters. FILE PHOTO: A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York City, US, December 14, 2022. REUTERS/Andrew Kelly

Written by Sruthi Shankar and Yohan M Cherian

(Reuters) – US stock indexes fell on Monday, led by shares of Tesla (NASDAQ:) and other giant companies, as investors feared that the Federal Reserve’s monetary policy tightening campaign could push the US economy into recession.

Major US indices sold off sharply in December, putting them on course for their worst annual decline since the 2008 financial crisis, after mixed economic data and the Fed’s hawkish stance fueled fears of a recession.

Market heavyweights such as Apple Inc (NASDAQ :), Microsoft Corporation (NASDAQ:) and Amazon.com Inc (NASDAQ::) fell more than 1% on Monday, dragged down by higher Treasury yields. [US/]

Tesla Inc fell 1.6%, reversing strong pre-market gains in the wake of a Twitter poll that showed a majority of users voted for Elon Musk to step down as CEO of the social media platform.

“There is negativity left from the Fed’s more hawkish comments, concerns about where interest rates will end up next year and what that will do to valuations,” said Michael James, senior vice president of institutional equity trading at Wedbush Securities.

“When people adjust their expectations after the Fed meeting, higher rates usually have more of a compressive multiplier for growth stocks.”

The benchmark Nasdaq and the tech-heavy Nasdaq lost more than 2% each last week after Federal Reserve Chairman Jerome Powell signaled further policy tightening, and the central bank predicted interest rates would pass the 5% mark in 2023, a level not seen since 2007. .

Moreover, the upbeat messages sent by three Fed officials, including New York Fed President John Williams last week, confirmed the US central bank’s determination to do what it takes to ease price pressures.

However, money market participants widen by 61% the chance of a 25 basis point rate hike in February to 4.5%-4.75%, with a final rate of 4.84% in May 2023.

Data on the labor market and inflation this week will set the investor mood, providing more clues of a future interest rate hike by the central bank.

At 12:27 p.m. ET, the index was down 76.26 points, or 0.23%, at 32,844.20, and the S&P 500 was down 23.98 points, or 0.62%, at 3,828.38, and down 133.19 points, or 1.24%, at 10,572.22.

Seven of S&P’s 11 major sectors were lower, with discretionary losses in leading consumer, telecoms and technology services.

Meta Platforms fell 2.9% after the European Commission said it could impose a fine of up to 10% of the tech conglomerate’s annual global trading volume if evidence shows a breach of EU antitrust laws.

L3Harris Technologies (NYSE: Inc) lost 3.3% after the US defense contractor said it would buy supersonic engine maker Aerojet Rocketdyne Holdings (NYSE: Inc) for $4.7 billion. Aerojet added 1.6%.

Shares of casino operator Melco Resorts & Entertainment (NASDAQ :), Las Vegas Sands (NYSE: Corp) and Wynn Resorts (NASDAQ) ranged between 1.5% and 10.5% after Macau said on Friday that six casino companies will invest about $15 billion as part of new 10-year contracts it signed to operate in the world. The largest gambling center.

Declining issues outnumbered advancers by 2.10 to 1 on the New York Stock Exchange and 2.35 to 1 on the Nasdaq.

The S&P posted five new highs in 52 weeks and 15 new lows, while the Nasdaq recorded 42 new highs and 335 new lows.

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.



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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,'” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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