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* Discovery down after deal to merge with AT&T’s media unit
* ViacomCBS rises after report Soros scooped up inventory
* Indexes down: Dow 0.23%, S&P 0.42%, Nasdaq 0.83%
(Provides particulars, feedback; updates costs)
By Echo Wang
Might 17 (Reuters) – Expertise shares pulled Wall Road’s
essential indexes decrease on Monday, with the Nasdaq Composite index
falling about 1% as indicators of rising inflationary
pressures raised concern about financial coverage tightening.
Six of the 11 main S&P sectors declined, with expertise
Corp every fell greater than 1%, weighing essentially the most on the
benchmark S&P 500 and the Nasdaq.
The S&P 500 scored its largest one-day bounce in additional than a
month on Friday as traders picked up beaten-down shares
following a pullback earlier within the week on worries about
inflation and a sooner-than-expected tightening by the U.S.
“What’s inflicting the decline, no shock to anyone, is the
fear about inflation and rates of interest,” mentioned Sam Stovall,
chief funding strategist at CFRA Analysis in New York.
“In consequence that is inflicting the expansion group, particularly
expertise and shopper discretionary shares, to expertise
weak point, whereas among the extra value-oriented teams are
holding up a bit higher.”
At 2:53 p.m. ET, the Dow Jones Industrial Common
fell 79.86 factors, or 0.23%, to 34,302.27; the S&P 500
misplaced 17.38 factors, or 0.42%, at 4,156.47; and the Nasdaq
Composite dropped 112.05 factors, or 0.83%, to 13,317.93.
Earnings this week will probably be scrutinized for clues on whether or not
rising costs had any impression on shopper demand and if retailers
can maintain their robust earnings momentum.
Walmart Inc , house enchancment chain Dwelling Depot Inc
and division retailer operator Macy’s Inc are set to
report earnings on Tuesday, with Goal Corp Ralph
Lauren and TJX Cos due later within the week.
With the earnings season at its tail finish, total earnings
for S&P 500 firms are anticipated to have climbed 50.6% from a
yr in the past, based on Refinitiv IBES, the strongest tempo in 11
AT&T Inc , proprietor of HBO and Warner Bros studios, and
Discovery Inc , house to life-style TV networks corresponding to
HGTV and TLC, mentioned on Monday they are going to mix their content material
belongings to create a standalone world leisure and media
enterprise. AT&T shares declined 0.4%, whereas Discovery fell about
Cryptocurrency-related shares like Marathon Digital
, Riot Blockchain and Coinbase fell
between 6% and 10% as bitcoin swung in risky buying and selling after
Tesla Inc boss Elon Musk tweeted in regards to the carmaker’s
Among the many most lively shares on the NYSE had been AT&T ,
down 0.9% at $31.94; AMC Leisure Holdings Inc , up
7.2% at $13.92; and Ford Motor Co , up 1.9% at $12.07.
On the Nasdaq, essentially the most lively points included Aerpio
Prescribed drugs Inc , up 37.1% at $1.59; Sundial Growers
, up 4.5% at 74 cents; and Castor Maritime , up
10.9% at 44 cents.
Advancing points outnumbered decliners on the NYSE by a
1.02-to-1 ratio; on Nasdaq, a 1.20-to-1 ratio favored decliners.
The S&P 500 posted 34 new 52-week highs and no new lows; the
Nasdaq Composite recorded 95 new highs and 49 new lows.
(Reporting by Echo Wang in New York; Further reporting by
Medha Singh and Sruthi Shankar in Bengaluru; Enhancing by
Saumyadeb Chakrabarty, Maju Samuel and Richard Chang)
Key phrases: USA STOCKS/ (UPDATE 4)
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
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