Wall Street stocks fell early Wednesday, extending the week’s choppy trend as markets grapple with higher oil prices and the ongoing Russian invasion of Ukraine.
AFP
March 23, 2022 / 07:37 PM IST
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Wall Street stocks fell early Wednesday, extending the week’s choppy trend as markets grapple with higher oil prices and the ongoing Russian invasion of Ukraine.
After a weak start to 2022, equities rallied last week as investors returned to the market in a wave of bargain-hunting. Stocks also rose on Tuesday, bouncing back from Monday’s losses.
“There is a narrative taking root that the bad news is priced in, that the rate hikes are priced in, that valuations are more reasonable again,” said Briefing.com analyst Patrick O’Hare, who went on to describe the market as “overbought.”
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.7 percent at 34,553.84.
The broad-based S&P 500 also shed 0.7 percent to 4,480.01, while the tech-rich Nasdaq Composite Index dropped 1 percent to 13,964.35.
Among individual companies, General Mills jumped 5.3 percent as the food giant lifted its earnings forecast, citing strong demand that has allowed it to raise prices.
But Adobe fell 7.9 percent despite reporting record quarterly revenues as it projected lower second-quarter profits and revenues compared with analyst expectations.
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