RPT-POINT MARKETS-Wall Street plunges as the economy and the Fed worry – 04/26/2022 at 22:58

RPT-POINT MARKETS-Wall Street plunges as the economy and the Fed worry - 04/26/2022 at 22:58

(putty §2)

* The Dow Jones fell 2.38%, the S&P-500 lost 2.81% and the Nasdaq fell 3.95%

by Bansari Mayur Kamdar and Noel Randewich

April 26 (Reuters) – The New York Stock Exchange ended sharply lower on Tuesday as investors worried about slowing global economic growth and a more aggressive policy by the U.S. Federal Reserve (Fed) to combat the ‘inflation.

The Dow Jones .DJI index fell 2.38% to 33,240.18 points.

The broader S&P-500 .SPX lost 2.81% to 4,175.20 points.

The Nasdaq Composite .IXIC fell 3.95% to 12,490.74 points.

Ahead of the post-closing publication of their quarterly results, Alphabet GOOGL.O and Microsoft MSFT.O both fell nearly 4%, confirming the trend of recent weeks in which high-growth stocks declined with the prospect that rising interest rates are weighing on their profits.

The strong start to the earnings season was overshadowed by the COVID-19 lockdown measures imposed in China and the tightening of monetary policy by the world’s major central banks due to soaring inflation.

Tesla TSLA.O plunged 12% and weighed heavily on the S&P-500 and Nasdaq as investors feared automaker boss Elon Musk would sell some of his shares to help fund his Twitter takeover for $44 billion. nL5N2WN5DH

About a third of S&P-500 companies will publish their quarterly results by the end of the week, including technology giants. After Microsoft and Alphabet on Tuesday evening, Apple

AAPL.O will report results on Thursday; the firm at the apple ended the session down 3.7%.

“The results have been pretty good overall. But that’s not really important in the big picture. It’s more about the Fed and other central banks, and now China and COVID,” commented Ross Mayfield, strategist at Baird, in Louisville, Kentucky.

Given the current state of the market, he said, “there is more the assumption of downside risks than upside surprise.”

Among the main sectors of the S&P-500, the energy sector

.SPNY was the only one to rise, by 0.05%, in the wake of the rebound in oil prices after the announcement that Russia would suspend its gas deliveries to Poland from Wednesday. nL5N2WO6XX

Of the 134 S&P-500 companies that have already released their quarterly results, 80.6% have beaten analysts’ expectations according to Refinitiv data.

General Electric GE.N fell more than 10% after announcing a full-year profit forecast at the low end of its previous estimate.

* Reminder of session in Europe: .EUFR

* TO BE FOLLOWED ON WEDNESDAY: nL5N2WK4JU

(French version Jean Terzian)

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following:

NYSE Nasdaq

Synthetic summary of the market…… .AD.N ….. .AD.O

25 loudest volumes…………AV.N……AV.O

Biggest increases in %………. .PG.N ….. .PG.O

Biggest decreases in %………. .PL.N ….. .PL.O

Guide to US Stock Indices…. US/INDICES1

Market Stats………………….US/STATS1

10-year benchmark loan ………….. US10YT=RR

Guide to US sector indices… US/SECTOR1

Guide to US equity markets……US/EQUITY

Dow Jones Indices…………………….. 0#.DJINDEX

S&P indices…………….. 0#.GSPINDEX 0#.GSPMAJOR

Ex-dividend values……………………… XDIV

Forecasts for the Dow Jones and the S&P .. STXUS ))

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