Stock Market Live News
The stock market fell on Friday, moving toward a third consecutive week of losses with more negative reports about the economy in the US economy increased the pace of the downward trend.
Around 12:45 p.m. ET at 12:45 p.m. ET, the S&P 500 and Dow fell by about 1.5 percent, while the Nasdaq dropped 1.3 percent.
In the earlier period, Nasdaq has been able to move into positive territory.
The most recent stock decline came after preliminary data on business activity across the US. This month, S&P Global showed an increase in activity in the first week of December.
Services PMI dropped to a four-month record low, and the manufacturing index reached the 31-month mark in December.
“Business conditions are getting worse as 2022 comes to the end of the year, and there is a sharp drop in the PMI, which measures GDP contraction during the 4th quarter at an annual rate of 1.5 percent,” said Chris Williamson, who is chief of business at S&P Global Market Intelligence. “Jobs growth has decreased to a crawl since companies in both services and manufacturing take the more cautious approach to hire given the drop in customer demand.”
This week, the retail sales report came out as unexpectedly low, causing concern about the state of the US consumer, which has been the main driver behind the economy to growth faster than anticipated this year.
After recovering earlier this week, US stocks are still on track to record weekly losses after last week’s S&P 500 suffered its worst weekly decline since late September.
Investors also kept an eye on crude oil early on Friday, and WTI futures dropped over 3 per cent to trade at $73.70 for a barrel. At the beginning of this week, oil sank to an all-time low of 2022.
Friday’s trading follows Thursday’s massive sell-off, which caused the Nasdaq to drop over 3% because the Federal Reserve’s interest rate rise on Wednesday followed the same changes Thursday morning by The Bank of England and the European Central Bank.
The earnings calendar news is relatively light, and Darden Restaurants (DRI) and Winnebago Industries (WGO) improved after their recent earnings reports.
In the crypto market, bitcoin (BTC-USD) and other major cryptocurrency markets were amid selling pressures early on Friday as bitcoin fell to $17,000 during early trading. In the past week, bitcoin had surged over $18,000 for only the second time since the fall of FTX at the beginning of November.
The news accounting company Mazars was putting off the collaboration with Binance, and other crypto companies weighed in on the market on Friday morning.
Read more: Binance CEO Zhao dismisses $2.1 billion FTX clawback worries.
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