July 4, 2022

Taylor Daily Press

Complete News World

US stocks fall sharply on interest rate concerns

US stocks fall sharply on interest rate concerns

Later this week, the Fed, which has already started raising interest rates, will make another rate decision. High interest rates are generally bad for equity investments.

This puts valuations of tech funds in particular under pressure. This was evident, for example, from the decline in the Nasdaq index. The technology exchange lost 4.7 percent to 10,089.23 points. The Dow Jones Industrial Average fell 2.8 percent to 30,516.74 points.

The broad-based 500 index fell 3.9 percent to 3,749.63 points. This is the lowest level since January last year and more than 22 percent less than this year’s high.

technology companies fell hard. For example, Apple, which lost 3.8 percent, was not down in a year. Tesla lost more than 7 percent and Amazon 5.5 percent. Google’s parent platform Meta Platforms, Twitter and Facebook, lost as much as 6.5 percent. Reuters news agency reports that these companies must do more against fake accounts and fake videos to avoid European Commission fines.

cipher boxes Lost due to industry problems. Not only has the cryptocurrency fallen sharply for a while, for example, Bitcoin dropped below $24,000, but there are also a number of companies that have run into problems. Like the privately owned Celsius Network. This has led to turmoil among investors who already see the cryptocurrency as risky.

Cryptocurrency exchange Coinbase It is down more than 11 percent due to the ongoing decline in cryptocurrencies. Cryptobank Silvergate Capital lost nearly 17 percent due to the devaluation of cryptocurrencies. Microstrategy also suffered from the fall of Bitcoin, dropping more than 25%. The software company owned more than 129,000 bitcoins at the end of March and lost about $1 billion in them.

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Astra Space It fell by just under 24 per cent. A space company’s rocket launch this weekend did not go well and a pair of NASA satellites cannot be put into orbit.

The euro was at $1.0411 versus $1.0431 at the closing bell in Europe. The price of a barrel of US oil rose 0.1 percent to $ 120.83. Brent crude rose 0.1 percent to $122.08 a barrel.