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Nasdaq falls 2.5%+ as techs tumble

January 14, 2022
in Markets & Economy, Mobile Home
0
Wall St rises as jobless claims fall; Cigna weighs on healthcare stocks

Producer Price Index jumped by record 9.7% in December

FOXBusiness

Larry Glazer, Danielle Shay and David Nicholas discuss the market impact of the Federal Reserve admitting inflation is a problem.

U.S. stocks dropped as technology shares took a back seat to cyclical names and as investors digested a jump in producer prices and higher jobless claims.

The Nasdaq Composite lost 2.5%, while the S&P 500 dipped 1.4% and the Dow Jones Industrial Average slipped 0.5% or 175 points.

Microsoft and Salesforce fell in broad tech weakness, while Boeing and Caterpillar rose in the cyclical trade.

In economic data, the December producer price index jumped by 9.7% a record, while month-over-month prices rose 0.2%, less than expected. Factoring out volatile food and energy costs, core producer prices rose 0.5% in December, slightly below November’s 0.7% gain. Year-over-year look core PPI rose 8.3% in December.

On Wednesday consumer prices rose 7% the most since 1982.

New claims for unemployment benefits unexpectedly rose by 230,000 last week and above a 52-year low of 188,000 reported in the first week of December. Continuing claims, which track the total number of unemployed workers collecting benefits, fell to 1.55 million.

In other stocks, Ford rallied to a new milestone topping the $100 billion in market value, compared to General Motors $91 billion.

Delta Airlines also rose after CEO Ed Bastian signaled a recovery by mid-first quarter after the airline posted a loss of $408 million tied to COVID disruptions. 8,000 of his employees have tested positive for the virus. United Airlines also disclosed 3,000 of its employees were infected resulting in flight cancellations.

Taiwan Semiconductor is a winner after posting record quarterly profits and forecasting revenue of as much as $17 billion, higher than the same period a year ago.

RIchard Branson’s Virgin Orbit has a satellite launch later this afternoon, while Virgin Galactic rolled out a $425 million bond offering.

AMC shares dropped after CEO Adam Aron said he was done selling big chunks of stock.

Vaccine makers continue to report developments with Moderna disclosing it will release data for treating children 2 to 5 years of age by March.

In commodities, oil slipped to the $81-per-barrel level.

Cryptocurrencies saw more downward pressure with Bitcoin slipped.

In Europe, London’s FTSE slipped 0.2%, Germany’s DAX was off 0.2% and France’s CAC declined 0.5%.

In Asia, Tokyo’s Nikkei 225 index dropped 1%, the Hang Seng in Hong Kong edged 0.1% higher, while China’s Shanghai Composite shed 1.2%.

FOX Business’ Ken Martin and The Associated Press contributed to this report.

 

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