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Gloomy on Wall Street

» Updated: 08 October 2024, 06:35

» Published: 07 October 2024

Gloomy on Wall Street
Photo: Yuki Iwamura/AP/TT

The mood was gloomy when the American stock market week began and the leading indexes on the New York Stock Exchange fell.

The broad S&P 500 index fell 1.0 percent, the Dow Jones industrial index dropped 0.9 percent, while the Nasdaq's technology-heavy composite index lost 1.2 percent.

Market interest rates have risen, for example, the yield on the ten-year government bond is higher than 4 percent for the first time since August.

Rising oil prices are also contributing to the uncertainty.

Several of the large technology companies had a tough day, for example, electric car manufacturer Tesla fell 3.7 percent and Google's parent company Alphabet fell 2.4 percent.

On the other hand, chip manufacturer Nvidia performed strongly, with its stock rising 2.3 percent.

Soon, companies will be presenting quarterly reports, for example, major banks such as JP Morgan Chase and Wells Fargo are expected to release their quarterly figures this week.

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By TTThis article has been altered and translated by Sweden Herald

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