Wall Street closed negative as investors began to fear that the US was heading for a sharp slowdown in growth: the Dow Jones lost 0.8%, the Nasdaq 0.7%, and the S&P 500 liter. ‘1.1% while the 10-year T-Bond yield rose to 3.027%.
Intel loses 5% and Credit Suisse sounds the alarm about profits
Of particular concern was Credit Suisse’s second-quarter earnings warning due to monetary tightening and the war in Ukraine. The stock, listed on the New York Stock Exchange, closed down 0.7%. While Intel left 5.3% on the ground after reporting weak demand for semiconductors. At the same time, the Atlanta Fed’s PilOra Index noted that GDP growth rate was just 0.9% in the second quarter, down from 1.3% last week. There were also negative signals from the real estate sector: mortgage demand hit a 22-year low last week, according to the Mortgage Bankers Association. According to Stifel CEO Ron Kruszewski, the Fed should take a break in raising rates after September.
The Securities and Exchange Commission is studying new rules for small investors
Meanwhile, the Securities and Exchange Commission (SEC) is considering new rules for executing orders from retail investors, its Chairman Gary Gensler announced. He explained that it is a necessary reversal after the explosion of the meme stock phenomenon last year. On that occasion, many expressed doubts whether retail investors were getting the best price for their orders. Incidentally, Robinhood, the star of the stock meme-mania trading platform, closed down 3.9%. (All rights reserved)
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