The stock market fell across the board

A new wave of concern for recession in the USA swept over the market on Wednesday, and the Stockholm stock exchange fell broadly. The OMXS index fell 1.2 percent.

» Updated:

» Published:

The stock market fell across the board
Photo: Tim Aro/SvD/TT

Share this article

Among the losers was Volvo Cars, whose share fell 5.9 percent after the announcement that the car manufacturer is abandoning the goal of only selling electrified cars by 2030. The new goal is 90-100 percent.

Telia went against the trend and rose 0.4 percent after the announcement of a new round of layoffs, where 3,000 of the telecom giant's employees will be let go before the turn of the year, including 1,400 in Sweden.

However, the decline was broad. Among the most traded stocks in the OMXS30 index, bearing manufacturer SKF and industrial conglomerate Sandvik fell the most, down 3.5 and 3.4 percent, respectively.

The trend was also downward on leading European stock exchanges, and on Asian exchanges, the declines were sharp during overnight trading.

An unexpectedly weak purchasing managers' index from the US manufacturing industry triggered a new wave of recession fears on Tuesday. The S&P 500 index lost over 2 percent, while Nasdaq fell 3.3 percent.

Technology giants have led the decline on Wall Street, with chip manufacturer Nvidia being the biggest loser, whose share plummeted 9.5 percent on Tuesday – which meant that $280 billion in market value was wiped out.

September and the third quarter continue with Wednesday's decline on the Stockholm Stock Exchange. Since the turn of the year, the OMXS index is up 8.1 percent.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Retail Sector Anticipates Recovery as Consumer Confidence Grows

Retail Sector Anticipates Recovery as Consumer Confidence Grows

SBAB Predicts Stable Housing Prices Despite Autumn Interest Rate Cut

SBAB Predicts Stable Housing Prices Despite Autumn Interest Rate Cut

Asian Stock Markets Open Mixed Amid Fed Rate Cut Speculation

Asian Stock Markets Open Mixed Amid Fed Rate Cut Speculation

Microsoft Announces $30 Billion Investment in UK Cloud and AI Infrastructure

Microsoft Announces $30 Billion Investment in UK Cloud and AI Infrastructure

US Stock Market Sees Slight Decline Amid Retail Sales Data

US Stock Market Sees Slight Decline Amid Retail Sales Data

Trump Extends TikTok Deal Deadline to December 16

Trump Extends TikTok Deal Deadline to December 16

NHTSA Investigates 174,000 Tesla Cars Over Door Handle Issues

NHTSA Investigates 174,000 Tesla Cars Over Door Handle Issues

Ford Cuts 1,000 Jobs at Cologne Factory Amid Weak Electric Car Demand

Ford Cuts 1,000 Jobs at Cologne Factory Amid Weak Electric Car Demand

Swedish Households Shift from Borrowing to Diverse Savings Strategies

Swedish Households Shift from Borrowing to Diverse Savings Strategies

German Investor Confidence Surges Unexpectedly in September

German Investor Confidence Surges Unexpectedly in September

Norway Forecasts Limited Interest Rate Cuts Amid Economic Growth

Norway Forecasts Limited Interest Rate Cuts Amid Economic Growth

H&M Stock Rises Amid Stockholm Market Decline

H&M Stock Rises Amid Stockholm Market Decline

Gold Buyer Guldbrev to List on Stockholm Stock Exchange Amid Criticism

Gold Buyer Guldbrev to List on Stockholm Stock Exchange Amid Criticism

Financial Supervisory Authority Reviews SSAB's 33.3 Billion Kronor Write-Down

Financial Supervisory Authority Reviews SSAB's 33.3 Billion Kronor Write-Down

Weakening Dollar: Key Considerations for Investors

Weakening Dollar: Key Considerations for Investors

Asian Stock Markets Rise Following Trump's Trade Talks Update

Asian Stock Markets Rise Following Trump's Trade Talks Update

Court Rules Fed Member Lisa Cook Can Stay Amid Trump's Challenge

Court Rules Fed Member Lisa Cook Can Stay Amid Trump's Challenge

Tesla Stock Surges 3.6 Percent Boosting Wall Street Indexes

Tesla Stock Surges 3.6 Percent Boosting Wall Street Indexes

Trump Proposes Ending Quarterly Reports for Wall Street Companies

Trump Proposes Ending Quarterly Reports for Wall Street Companies

EU Regulators Seek Stricter Crypto Supervision by ESMA

EU Regulators Seek Stricter Crypto Supervision by ESMA