WALL STREET- This week marks the NYSE’s sixth straight week of losses as S&P fell 0.1% this morning. Nasdaq fell 0.6%, while the Dow Jones rose about 25 points.
The biggest impact on the market’s behavior came from technology stocks, which had massive falls in value. Alongside this, retailer companies saw issues too. Amazon fell 1.3% while Starbucks fell 2.9%.
However, due to an increased demand for energy coupled with skyrocketing prices, energy stocks have seen large gains, with Chevron growing 2.7% and Eli Lilly growing 3.6%.
When it came to travel, airliner Spirit Airlines rose a whopping 12.4% in stock value following JetBlue’s announcement of a hostile takeover. In the same boat, Defense contractor ManTech rose just under 15% following the Carlyle Group’s plan to purchase the company.
However, even with the current positive gains, the market itself is still falling in overall value, fueling investor concerns. The US Federal Reserve is currently trying to pull the short-term interest rate off its record low, the average during the pandemic. Investors are afraid the fed’s reactions to the current economic state may lead to a recession if rates are risen too quickly.
The ongoing war in Ukraine has fueled fuel prices, worsening already post-pandemic economic problems. US oil prices rose 1.6% early this week, and are up 50% this year. Natural gas prices have also arisen 1.5%, and are double what they were last year.
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