The New York Stock Exchange All Share Index lost 2.5% for the week, its 7th week in a row of decline. It opened at 15,566.6 basis points and closed at 15,257.4 basis points. The first three days of the week were bearish, but Friday’s market bulls were able to trim the damage.
The 6th week of decline for the NASDAQ resulted in a loss of 2.80%. The week ended at 11,805.00 basis points. The market recorded a volume of 1.23 billion transactions in the week that ended on February 7, an increase of 37% over the previous week.
The S&P 500 and the DOW Jones both declined. The S&P 500 is on its 6th week of decline while the Dow Jones is on its 7th week of decline.
The stock market ended the second week of May with huge losses. The three major indexes started the week with declines, but rebounded on Friday after Chairman Powell said a 75-basis point rate hike was still off the table. The S&P 500 slid 2.4% for its longest weekly losing streak since 2011, while the Dow Jones lost its seventh week in a row, its longest losing streak since 2001.
In the past six trading days, the U.S. Labor Department delivered four economic reports, which together suggested inflation hit its apex in March, welcome news for market participants worried the Fed could spark a recession with a flurry of inflation-fighting interest
More than 500 companies in the S&P 500 have reported their first-quarter results. According to Refinitiv, 98% of those have delivered results that were in line with the consensus. The aggregate year-on-year earnings growth of the S&P 500 for the first three months of the year is 11.1%, up from 6.4% at quarter-end.
On Friday, Musk announced that his planned acquisition of Twitter was temporarily on hold due to concerns about fake accounts. Sam Bankman-Fried, the founder of FTX, revealed a 7.6% stake in the company on Friday.
Saudi Aramco became the world’s most valuable company on Wednesday after topping Apple on Monday. The state-owned energy giant ended the day with a market cap of $2.43T, while the iPhone maker ended the day with a market cap of $2.37T. It is a trend that has accelerated this year, with the energy sector benefiting from a surge in oil prices following an inflation surge, which has curbed demand for high-flying tech stocks. Apple’s stock has fallen 20% since the start of the year, while the shares of Saudi Arabia’s Aramco are up 30%.
After the bell on Wednesday, Disney’s shares moved higher, but then fell 2.5% to $102.40 in trading. The company’s top and bottom-line misses, as well as widening losses at its direct-to-consumer segment were the focus of investors. The operating losses for Disney’s streaming business tripled from a year ago, driven by higher programming and production costs.
The baby formula shortage has worsened in recent weeks because of a major product recall and supply chain problems, and the White House announced some measures on Thursday to alleviate it. In the first week of May, 42% of baby formula supplies were out of stock across the country, compared to 31% two weeks prior, according to data from retail pricing data website Datasembly. Many stores have implemented a quota on how much formula one person can buy at a time, while pediatricians recommend not to switch to other brands, because it could be harmful to the kidneys.
List of top gainers.
The U.S. markets performed poorly, but there are still some notable gainers. They include that.
Hemisphere Media A has a rating of 72.94%.
Biohaven Pharmaceutical Holding is a holding company.
Veru Inc has a percentage of 53.66%.
Blue Water Vaccines Inc is a company.
A 50.30% stake in the company is held by COMPASS THERAPEUTICS Inc.
There is a company called Therapeutics md Inc.
Redbox Entertainment Inc was down by more than fifty percent.
Upstart Holding Inc (UPST) is a company.
Kaleyra Inc is an American company.
Sql Technologies Corp is a company.