Why the Dow has fallen 1,000 points in the last three days
CNN
US markets have had a rough week. The Dow has fallen more than 1,000 points over the last three days alone — and there’s no sign of the negative momentum letting up.
US markets have had a rough week. The Dow has fallen more than 1,000 points over the last three days alone — and there’s no sign of the negative momentum letting up. The Dow opened lower by 367 points, or 0.9%, Thursday morning. The S&P 500 was down 0.2% and the Nasdaq Composite dropped 0.2% as lackluster earnings results from Salesforce (CRM) worried investors. Shares of the customer relationship management company fell 18% after it reported a revenue miss and lowered expectations for the year ahead. That comes after a bad Wednesday where all 11 sectors of the S&P 500 closed lower. The Dow fell by more than 300 points, driven largely by a tick down of shares of chipmaking giant Nvidia (NVDA), pulling large tech stocks down along with it. This week’s downturn has been fueled by a range of factors, including earnings and stronger-than-expected economic data. Bonds have taken a particular hit as concerns about inflation mount and after a weak Treasury auction on Wednesday. The 10-year Treasury yield climbed to its highest level since late April. Robust economic data has also spooked investors, who worry that signs of a stronger economy could push the Federal Reserve to keep interest rates higher for longer as it battles to bring down inflation.
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