Trading on Wall Street is in sharp decline led by the Nasdaq index which loses 1.6% of its value. The Dow Jones falls by 1.35% and the S&P 500 index sheds 1.3%. The fear index (VIX) jumps by 7.2%.
Second-hand home sales in the US continued to decline in January for the 12th month in a row. The annual rate of sales fell to 4 million homes, the rate below the low recorded in May 2020. The median home price fell to $359,000, compared to more than 400 thousand dollars last summer.
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Trading on Wall Street is expected to open with declines in the leading indexes after a long weekend on the occasion of Presidents’ Day. Futures lose up to 1% and after Friday closed with a mixed trend in the leading indexes.
This week the report season will continue with a focus on the retail companies, before trading Wal-Mart and Home Depot published. Today (Tuesday) after trading, Israeli entrepreneur Nir Tzuk’s Palo Alto (PANW) and the crypto exchange Coinbase (COIN) will launch. Later this week, eBay, Nvidia, Beyond Meat, the Papa John’s pizza chain, Etsy and more will deploy.
After calming down on Friday, the yields on the 10-year bonds returned to strength at the beginning of the week, rising to a record 3.89% since the beginning of the year. The dollar strengthens slightly against the euro to D1.0650.
In Europe, the markets continue to be powerful despite slight price drops, the DAX and CAC index lose 0.4%, the British FTSE drops 0.2%.
stock in the headlines
Wal-Mart ( WMT ) is down 3% in early trading after premarket reports and despite beating profit and revenue forecasts in the final quarter of the year. The company provides a tentative forecast for the rest of the year due to the high inflation and the economic situation.
Home Depot ( HD ) loses 4% in early trading after third quarter reports that came out weaker than market expectations. The company provides a revenue forecast without growth for 2023.
Vir Biotechnology (VIR) rises 12% in early trading after Goldman Sachs raised its recommendation from neutral to buy and a target price of $53 per share.
GNRC receives a recommendation downgrade by Trust Securities to hold from buy and a target price of $145 per share.
Dokusian (SAM) receives a recommendation downgrade by UBS Bank to sell from hold and a target price of $52 per share.
Medtronic (MDT) is up 2.5% in early trading after good reports in which it was overtaken by profit and revenue in the last quarter of the year.