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Shares closed down on Monday following China’s new round of sanctions to tackle the growing CV-19 issue.
The directives included a week-long shutdown of unnecessary business at the Chinese gambling center in Macau, which sent down casino stocks. Wynn Resorts (WYNN, -6.5%) and Las Vegas Sands (LVS, -6.3%) were among the most notable failures.
News from China weighs in on oil prices American Raw Futures It ends at $ 104.90 a barrel of 0.7%.
“Oil prices are declining,” said Edward Moya, a senior financial strategist in China. Data Provider OANDA. “China Covide is struggling to hold the $ 100 mark if the oil situation worsens.”
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This difference is easily seen in terms of the sector’s worst performance to start the trading week. Communication ServicesIt fell 3.0% of the 11.3% decline Twitter (TWTR) Stock. Its share in social media was hit by reports Tesla (TSLA, -6.6%) CEO Elon Musk will cut off $ 44 billion on Twitter.
The decline of TWTR has spilled blood into other sectors Letter (GOOGL, -3.1%), Amazon.com (AMZN, -3.3%) and Meta platforms (Meta, -4.7%) It is echoing all the big losses.
Widespread sales have collapsed. Nasdaq Composite’s The technology-heavy index completed 2.3 percent in 11,372, a five-day victory march. Of S&P 500 Index 1.2% to 3,854 and Dow Jones Industrial Average 0.5% reversal and ends at 31,173.
Other news on the stock market today
- Small-cap Russell 2000 It dropped from 2.1% to 1,732.
- The future of gold It dropped 0.6% to finish at $ 1,731.70 ounces.
- Bitcoin Sheds 6% to $ 20,497.90. (Bitcoin trades 24 hours a day; the price reported here is 4 p.m.)
- Lululemon Athletics (LULU) Jeffrey’s analyst Randall Connick fell 4% after downgrading his yoga maker. Analysts have expressed concern over the growing competition for LULU’s “sky high” in square footage as well as growing competition. “We believe it is limited in the future, especially as the risk of recession increases, and uncertainty over the performance of shoes and mirrors. [LULU’s home gym]Limit visibility, ”says Connick.
Another inflation on the deck
So what is expected of this week? Much, that’s for sure. In addition to the start of the second quarter, inflation data will remain at the forefront. The Department of Labor released its Consumer Price Index (CPI) on Wednesday morning, and the red hot read last month (CPI rose 8.6 percent year-on-year, the fastest annual rate since December 1981) is still fresh in investors’ minds. .
In any case, BlackRock US Fundamental Active Equities CIO partner Tony Despirito believes it is better to take a more defensive stance. “This includes energy and financial ownership,” DeSpirito says, adding that “health care is affordable.”
In fact, healthcare stocks are especially helpful for inflation because they can transfer higher prices to consumers. Read on as we examine dozens of health care names designed to work well in any market.
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