Dow slumps over 600 points in biggest decline since June
2022-08-23 10:00uSMART

U.S. stocks suffered their biggest decline since June 16 on Monday on worries about the gloomy economic perspective and fears of additional Fed hikes. The Dow fell 643.13 points, or 1.91%, to 33,063.61. The S&P 500 dropped 2.14% to 4,137.99, and the Nasdaq Composite tumbled 2.55% to 12,381.57, respectively

 

MACRO

US Markets concluded sharply lower, locking it its worst session since June on fears of aggressive rate hikes

EU Markets closed lower on concerns surrounding rate hikes from both the Fed and the European Central Bank   

Asia Markets were broadly lower, with China slashing both its one-year and five-year benchmark lending rates

 

SECTORS

Gold has touched a near one-month low, trading just above $1,740/oz at time of writing, on the back of a stronger dollar

WTI Crude Oil inched higher, after Saudi energy minister hinted that OPEC+ may slash production to tackle challenges

 

COMPANY

AMC Entertainment plunged 42% as its competitor Regal Cinemas cautioned of a potential bankruptcy

Netflix retreated 6% after CFRA’s decision to downgrade the stock from Hold to Sell, alongside a revised target price of $238  

Ford tumbled 5% after a jury ruled against the company in a case, as well as its decision to slash 3,000 jobs in the US and Canada

 

EVENTS

Today’s Earnings:

  • XPeng (XPEV)
  • Intuit (INTU)
  • com (JD)
  • Toll Brothers (TOL)
  • Medtronic (MDT)
  • Macy’s (M)

 

Economic Calendar (24 Aug 2022)

  • US Durable Goods Orders MoM (July)

 

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