Monday, March 27, 2023

S&P 500 suffers huge weekly losses as investors react to discouraging inflation data – Aurora Cannabis (NASDAQ:ACB), Ethereum (ETH/USD)

SPDR S&P 500 ETF TRUST Detective After another round of disappointing inflation data, heavy losses this week.

On Tuesday, the US Department of Labor reported an 8.3% increase in the Consumer Price Index in August, exceeding the economist’s forecast of 8% inflation. After the CPI numbers were released, the Dow Jones Industrial Average fell 1,276 points on Tuesday, its worst day since June 2020.

President on Thursday Joe Biden Announced a temporary labor agreement to avoid a national railway strike that could disable more than 7,000 trains and cost the economy up to $2 billion a day. The settlement came a day after Bernstein’s analysts downgraded K shares. union pacific corporation UNP And CSX Corporation csxGiven a challenging macroeconomic environment for railroads in the second half of 2022.

Starbucks Corporation gender At its first Investor Day event since 2020 on Tuesday, it highlighted its long-term financial forecast and elements of its business rejuvenation plan. Outgoing Starbucks CEO Howard Schultz said the company expects double-digit revenue and earnings growth over the next three years.

On Friday, the Biden administration released a framework for regulation of the cryptocurrency market that includes provisions to protect investors, promote financial stability, and eliminate fraud and illegal activity. popular cryptocurrencies Ethereum ETH/USD Thursday completed its long-awaited merge, the transition from proof-of-work verification to a more energy-friendly proof-of-stake model.

Unsuccessful delivery: fedex corporation fdx Shares tumbled on Friday after the delivery giant reported lower fiscal first-quarter earnings and revenue, citing weakness in global shipment volumes.

Investors will get more quarterly earnings reports in the coming week Aurora Cannabis Inc. ACB on Tuesday, General Mills, Inc. GIS And Lenar Corporation lane on Wednesday and Costco Wholesale Corporation cost on Thursday.

According to FactSet, at least 240 companies in the S&P 500 mentioned “bearish” on their second-quarter earnings calls.

Economic Number: After disappointing CPI readings, investors will get more important economic updates on Tuesday when the People’s Bank of China announced its latest interest rate decision and on Wednesday when the Federal Reserve will issue its own interest rate decision and accompanying commentary.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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