September 29, 2022

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US stock exchange, S&P 500 struggle to find direction, impact of the Meta and Ukraine crisis from Reuters

© Reuters. Wall Street sign in front of the New York Stock Exchange. Photograph: Caitlin Ochs/Reuters

(Reuters) – It struggled to find direction at the end of a week plagued by geopolitical tensions and inflation fears, with Meta Platforms stock falling after Russia launched an investigation into Facebook’s parent company (Reuters) NASDAQ :).

Markets regained losses after Russian President Vladimir Putin said there were some positive repercussions in talks with Ukraine, but he did not elaborate.

Meta lost 2.3% after Russia called it an “extremist organization” as the social network changed the rules around hate speech to allow users to use violent language against Russians in the context of the war in Ukraine.

Apple (NASDAQ: 0.5%) lost, gaining more than any other stock in all three major Wall Street indexes.

Berkshiew Hathaway and Cisco Corp shares rose 1.4% and 1.5%, respectively, and helped offset losses in Meta Platforms shares in the S&P 500.

Most of the S&P’s 11 major industry indicators rose, with financial and industrial institutions leading the gains.

The energy sector loses 0.3% but begins to close the third week in a row higher thanks to higher prices. Oil has risen to $139 a barrel in recent days on supply concerns due to Western sanctions on Russian oil and petroleum products.[O/R]

All major indices started closing the week lower with the Dow making its fifth consecutive weekly loss.

At 17.10, the average rose 177.13 points or 0.52% to 33345.49, the S&P 500 rose 10.00 points or 0.25% to 4260.19, while it declined 50, 69 points, or 0.39%, to 13079.94.

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(Translated by Michela Persimoni and Editing by Stefano Bernabi)

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