Lola Evans
14 Jan 2022, 07:49 GMT+10
NEW YORK, New York - Major falls in Amazon and Microsoft undermined U.S. stocks on Thursday.
The technology sector took the brunt of the selling as investors continued to fret over inflation. A day after the CPI hit an annualized 7 percent, the December producer price index was revealed to have risen 0.20 percent month over month.
"We do not think the returns from many financial assets will be as good in 2022 as they were in 2021," John Higgins, chief markets economist at Capital Economics told Reuters news agency Thursday.
"For a start, we envisage a sell-off in government bonds in most places, reflecting the outlook for monetary policy. And, in general, we foresee an underwhelming performance from equities, including in the United States and China."
The Nasdaq Composite was the worst-hit index, shedding 381.58 points or 2.51 percent to 14,806.81.
The Standard and Poor's 500 slumped 67.32 points or 1.42 percent to 4,659.03.
The Dow Jones Industrial Average reversed a 200-points gain to end 176.70 points or 0.49 percent lower at 36,113.62.
The U.S. dollar was little changed Thursday, sellers however held sway. The euro held on to recent gains to last trade Thursday in New York at 1.1454. The British pound was steady at 1.3708. The Japanese yen edged up to 114.15. The Swiss franc was well bid at 0.9112.
The Canadian dollar fell a few basis points to 1.2516. The Australian dollar was slightly softer at 0.7280. The New Zealand dollar dipped to 0.6865.
Overseas, the FTSE 100 in London climbed 0.16 percent. The Dax in Germany added 0.13 percent. In Paris, the CAC 40 slid 0.50 percent.
The Nikkei 225 in Tokyo shed 276.53 points or 0.96 percent to 29,489.33.
China's Shanghai Composite fell 42.17 points or 1.17 percent to 3,555.26.
In Hong Kong, the Hang Seng reversed earlier losses to close 27.60 points or 0.11 percent higher at 24,429.77.
The Australian All Ordinaries, going against the trend, advanced 35.30 points or 0.45 percent to 7,797.50. This despite Australia's most populated state, New South Wales, recording a record 92,264 Covid-19 cases in the prior 24 hours.
Get a daily dose of North Korea Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Korea Times.
More InformationTOKYO, Japan: U.S. President Joe Biden said this week that he supports calls for Japan to become a permanent member ...
LONDON, England: The UK's Telegraph newspaper has reported that Foreign Secretary Liz Truss has proposed that Britain send modern weaponry ...
SHANGHAI, China: The central Shanghai district of Jingan, a key commercial area in China's financial hub, has announced that it ...
KYIV, Ukraine: Andrzej Duda, President of Poland, told lawmakers in Kyiv this week that Ukraine has the right to decide ...
SAN ANTONIO, Texas (ANI/Big News Network): The death toll in the mass shooting incident at a school in Texas now ...
LONDON, England: Citing a U.S. official, the Financial Times reported this week that during the Quad summit in Tokyo, the ...
NEW YORK CITY, New York: The market for global online tutoring services is expected to grow from $21 million in ...
SYDNEY, NSW, Australia - Shares across Asia fell on Thursday, with the exception of the Chinese mainland market where modest ...
SANTIAGO, Chile: Easter Island, one of Chile's most important tourist attractions, will reopen to visitors on August 1, the government ...
NEW DEHLI, India: In a move expected to end the country's exports of the raw materials needed to manufacture steel, ...
NEW YORK, New York - The release of the minutes of the Federal Reserve's monetary meeting earlier this month surprisingly ...
WASHINGTON D.C.: A leading U.S. official has said that even if Taiwan is excluded from President Joe Biden's Asian economic ...