By Staff Reporters
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Stocks fell as investors monitor a steady stream of corporate earnings against a backdrop of elevated inflation and further Fed policy tightening.
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The S&P 500 dropped and erased earlier gains. The Dow Jones Industrial Average also turned lower. The NASDAQ fell more than 2% and extended losses when the tech-heavy index was weighed down by a slide in Netflix. Meanwhile, Tesla (TSLA) shares rose after the electric vehicle-maker handily exceeded expectations in its fiscal first-quarter results.
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Treasury bond yields climbed after Federal Reserve Chair Jerome Powell suggested the case for front-loading interest rate hikes with 50 basis-point increases in order to quickly address persistent inflationary pressures. San Francisco Federal Reserve President Mary Daly also suggested in an interview with Yahoo Finance that she would back a larger-than-typical 50 basis point interest rate hike following the Fed’s May meeting given current price pressures.
China: The nation’s securities regulator issued investor guidance for the country’s giant social security fund, just as the benchmark CSI 300 Index was heading toward the lowest level since June 2020.
HAPPY EARTH DAY 2022!
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Filed under: Alerts Sign-Up, Glossary Terms, Investing | Tagged: bond yields, bonds, China, CSI 300 Index, DJIA, Earth Day, Jerome Powell, Mary Daly, NASDAQ, Netflix, S&P, Tesla, Treasury yields |
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