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By Staff Reporters
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US stocks plunged yesterday with the Dow Jones falling nearly 1,000 points as investors grappled with new comments from Fed Chair Jerome Powell that indicate bigger interest rate hikes ahead.
For the week, the Dow finished down 1.85%, the S&P 500 tumbled 2.7%, and the NASDAQ crashed 3.8%. The Dow Jones marked its fourth consecutive weekly decline, while the S&P 500 and NASDAQ 100 registered their third straight weekly drops.
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Despite the bearishness in the stock market, first-quarter corporate earnings continue to beat analyst estimates on both the top and bottom lines. According to data from Fundstrat, of the 95 companies that have reported so far, or 19% of the S&P 500, results are beating profit estimates by a median of 6%. Meanwhile, revenue estimates have been beating by a median of 3%.
Cryptocurrencies continue to trade in a sideways range as bitcoin remains in a bear market. These were the five best performing cryptos over the past week.
Ukraine announced limits on bitcoin purchases Friday to protect against capital flight as Russia’s war on the country pushes into a third month. The National Bank of Ukraine is banning bitcoin purchases made with the hyrvnia and is capping purchases made with foreign currencies at $3,300 a month.
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China’s yuan was on track for its worst weekly drop since 2015 on Friday, as investors rushed back to the US. The offshore yuan, or renminbi, had fallen 2.4% over the week to 6.53 per dollar, according to Bloomberg data.
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Filed under: Alerts Sign-Up, Investing | Tagged: China, cryptocurrency, DJIA, Fundstrat, NASDAQ, renminbi, S&P 500, S&P 500 Index, Ukraine, yuan |
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