(New York) The New York Stock Exchange opened lower again on Thursday after another poor session, on concerns that lingering inflation in the United States could lead to recession as the Fed tightens monetary conditions.

Around 10 a.m., the Dow Jones was down 0.63%, the NASDAQ was down 1.21%, the S

On Wednesday, the Dow Jones index fell 1.02% to 31,834.11 points and the broader S

The tech-heavy NASDAQ plunged 3.18% to 11,364.23 points.

Over the week? The Dow Jones is down 3.5%, the S

And since the start of the year, the three indices have fallen by 12%, 17% and 27% respectively for the NASDAQ.

Investors took notice ahead of the U.S. Producer Price Index (PPI) open for April, which shows wholesale prices slowed a bit to 0.5% on the month, but are still up 11% over one year.

The figure follows that of Wednesday’s consumer price index (CPI) which came in at 8.3% year on year, slowing down a bit but remaining stubbornly close to its highest level in 40 years.

“This data will encourage the Fed to raise rates quickly,” concluded Rubeeela Farooqi, chief economist for HFE.

Wall Street has accelerated its downward slide since the last half-percentage-point rate hike by the U.S. central bank on May 4.

“The stock market is besieged this year by a host of significant issues,” Patrick O’Hare of Briefing.com explained in a note.

He cites “rising interest rates, the Fed’s change of course, Russia’s invasion of Ukraine, continued high inflation, supply chain bottlenecks [ …] and China’s zero-tolerance policy against COVID-19.”

To this was added Thursday the collapse of cryptocurrencies which still led to mistrust of the digital sector.

Very volatile? bitcoin was stabilizing at $28,100 after sinking as low as $25,424 overnight Wednesday-Thursday. The cryptocurrency star is down 30% month on month and at levels not seen since December 2020.

The hemorrhage logically affected companies linked to cryptocurrencies recently introduced on the stock exchange.

The Coinbase trading platform, which saw its stock plunge 26.4% on Wednesday, to its lowest level since its IPO a year earlier, lost another 15.70%, to 45 dollars.

Brokerage app Robinhood, which recently offered a bitcoin-linked fund, plunged 12% to $8 after entering the stock market at $38 a share less than a year ago.

Beyond that, financial companies in the new economy continued to suffer, such as the payments specialist Block (ex-Square) at -3.60% after -15.61% the day before.

A safe haven, the dollar climbed to a 20-year high against the major currencies.

“The dollar hit multi-year highs as US inflation persists at elevated levels, keeping the Federal Reserve on track for steep interest rate increases,” said Western Union analyst Joe Manimbo.

“It is obvious that the rate hikes of the Fed will far exceed those of Europe, a scenario which makes the greenback more attractive than the euro”, further underlined the analyst.

The euro slipped 1% against the dollar to $1.0405 per euro, still approaching parity.

Among the latest company results for the season, Disney was penalized (-3.91% to 101 dollars) after the entertainment giant on Wednesday published a quarterly profit almost halved. However, the group has seen an increase in subscribers to its Disney streaming platform.

Ten of the eleven sectors of the S



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