[Reuters]–The US stock market plunged and closed. A major retailer target whose quarterly profit has been halved has been marketed, and about 25% of its market capitalization has disappeared. Concerns over the US economy have increased.
The reduction of 500 S & P totals and 30 Dow Jones Industrial Averages is the largest since June 2020.
Target’s first quarter (February-April) financial results are $ 1.01 billion in net income, down 52% year-on-year. Soaring fuel prices and rising transportation-related costs were weighed down. Stock prices plummeted by about 25%, marking the sharpest drop since “Black Monday” in October 1987.
Wal-Mart also revised its profit outlook the day before. SPDR S & P Retail ETFs (Exchange Traded Funds) closed at about 8% lower.
Paul Christopher, Head of Global Market Strategy at the Wells Fargo Investment Institute, said: “Consumption is being impacted as inflation outpaces wage growth for longer than expected. It led to the sale. ” “Retailers are beginning to uncover the impact of lower consumer purchasing power,” he said.
Large-scale growth stocks that are sensitive to interest rates are also sold, putting pressure on the S & P500 and Nasdaq Composite. Amazon.com, Nvidia and Tesla were down about 7% and Apple was down 5.6%.
All 11 major S & P 500 industries fell, with both consumer goods and major consumer goods dropping by more than 6%.
Pushed by selling to growth stocks, the S & P 500 has fallen by about 18% since the beginning of the year and the Nasdaq by about 27%. According to data from information company Refinitiv, the expected PER (price-earnings ratio) of S & P500 is about 17 times, the lowest level since the decline in 20 years after the spread of the new coronavirus infection.
The Chicago Board Options Exchange (CBOE) Volatility Index (VIX), which shows investor anxiety, has risen to about 31. Until the day before, it had declined for 6 consecutive business days.
The combined trading volume of the US exchange is 12.5 billion shares. The average of the last 20 business days is 13.4 billion shares.
On the New York Stock Exchange, the number of falling stocks exceeded the number of rising stocks by a ratio of 5.09: 1. Even in NASDAQ, the number of stocks that dropped by 3.52 to 1 was large.
Closed price% compared to the previous day Open price High price Low price code
Dow Jones Industrial Average 31490.07 -1,164.52 -3.57 32468.67 32468.67 31393.95
Last business day closing price 32654.59
Nasdaq Composite 11418.15 -566.37 -4.73 11790.68 11826.22 11381.69
Previous business day closing price 11984.52
S&P 500 types 3923.68 -165.17 -4.04 4051.98 4051.98 3911.91
Previous business day closing price 4088.85
Dow Jones Transportation Average 13691.66 -1,096.25 -7.41
Dow Jones Utility Average 991.68 -9.94 -0.99
Philadelphia Semiconductor 2907.96 -158.54 -5.17
VIX Index 30.96 +4.86 +18.62
S&P general consumption goods 1114.57 -78.73 -6.60
S&P Materials 514.75 -16.88 -3.17
S&P Industries 772.70 -30.13 -3.75
S&P consumer staples 745.55 -50.81 -6.38
S&P Finance 550.98 -15.86 -2.80
S&P Real Estate 262.22 -7.96 -2.95
S & P Energy 618.02 -17.48 -2.75
S & P Healthcare 1488.88 -39.70 -2.60
S & P communication service 195.36 -6.89 -3.41
S&P Intelligence Technology 2307.39 -114.84 -4.74
S&P Public Goods 362.64 -3.77 -1.03
NYSE came out with 1.195 billion plants
Chicago Nikkei Futures June Contract Dollar Denominated 26310 –550 Compared to Osaka
Chicago Nikkei Futures June Contract Yen-denominated 26295 –565 compared to Osaka