Tech stocks hammered as Biden’s economic agenda stalls

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WTI oil close to $ 78 per barrel

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we shares remained under pressure as of Monday President Bidens The economic agenda stalled and inflationary concerns remained at the fore.

The Nasdaq Composite Index lost 312 points, or 2.15%, while the Dow Jones Industrial Average and the S&P 500 index lost 0.91% and 1.23%, respectively.

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The Nasdaq’s loss comes as the yield on the 10-year note rose 3 basis points to 1.49% after government data released Friday showed consumer prices in August rising at the fastest annual pace in 30 years. The tech-heavy index was down 4% last week.

anchor the protection The last Change Change %
Me: DJI dow jones average 33983.36 -343.10 -1.00%
SP500 S&P 500 4299.89 -57.15 -1.31%
me: comp NASDAQ Composite Index 14258.545172 -308.15 -2.12%

Over the weekend House Speaker Nancy Pelosi delayed votes on both a bipartisan infrastructure bill and plans to spend $3.5 trillion amid party infighting. Pelosi, D-Calif., had previously promised liberal Democrats that a vote on the bipartisan plan would take place no later than September 27, but the Progressive Party said they would vote down the measure if the $3.5 trillion package was not passed earlier. Will give

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Sharp rise in prices will affect stocks: Goldman Sachs

However, the sweeping spending plan, which Democrats are hoping to pass through budget reconciliation to avoid Republican filibuster, was doomed to fail in the Senate after moderate Democratic sensibilities. Joe Manchin of West Virginia and Kirsten of Arizona came out against cinema size. of package.

Democrats are now looking for ways to reduce the spending plan, with votes on the bipartisan bill until October 31. There is no timeline for a vote on the social spending package.

Meanwhile, shares of Evergrande Group in Hong Kong were suspended ahead of the announcement about a “large transaction”. Chinese state media Global Times reported that Evergrande will sell about 51% of its property services business to developer Hopson.

Closer to home, Merck & Co., last week after the drugmaker announced that its pill used to treat COVID-19 showed positive results in a major study, continued at high levels for a second day. Shares of rival vaccine makers Moderna Inc and Novavax Inc fell on the news.

anchor the protection The last Change Change %
MRK Merck & Company, Inc. 83.05 +1.60 +1.96%
mRNA Modern, Inc. 321.75 -19.34 -5.67%
NVX Novavax Inc. 175.55 -6.05 -3.33%

Elsewhere, Tesla Inc. delivered 241,300 electric vehicles in the third quarter, exceeding Wall Street analysts’ 227,000 deliveries. The total was up 72% from 140,000 deliveries during the same period last year.

anchor the protection The last Change Change %
TSLA Tesla, Inc. 792.21 +16.99 +2.19%

Hedge fund Engine No. 1 announced its support for General Motors’ goal to make all its vehicles electric by 2035. The hedge fund gained notoriety earlier this year for sitting three independent climate-focused directors on Exxon Mobil’s board.

anchor the protection The last Change Change %
GM General Motors Company 54.55 +1.43 +2.68%
XOM Exxon Mobil Corp. 61.69 +0.75 +1.23%

Delta Air Lines Inc. reinstated its early quarter revenue guidance amid improving ticket sales. The company expects revenue to be 30% to 35% below 2019 levels.

anchor the protection The last Change Change %
From Delta Air Lines, Inc. 45.05 -0.34 -0.74%

In commodities, West Texas Intermediate crude rose $1.90 to $77.78 an ounce, while gold rose $3 to $1,761.40 an ounce.

There was hustle and bustle in foreign markets.

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In European markets, Britain’s FTSE 100 gained 0.16%, while France’s CAC 40 and Germany’s DAX 30 fell 0.28% and 0.61%, respectively.

In Asia, Japan’s Nikkei 225 lost 1.13% and Hong Kong’s Hang Seng index lost 2.19%. China’s Shanghai Composite was closed for the holiday, and will not reopen until Friday.


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