U.S. stocks tumbled collectively, and the Dow plunged over 1,100 points! The retail giant fell nearly 25%
China-Singapore Jingwei, May 19th. On Wednesday, Eastern Time, the three major U.S. stock indexes collectively fell sharply. The Dow fell more than 1,100 points, and the Nasdaq once fell 5%.
Target, the U.S. retail giant, tumbled nearly 25% after its first-quarter results missed expectations and lowered its full-year guidance.
Screenshot source: Wind
Specifically, as of the close, the Dow fell 1164.52 points, or 3.57%, to 31490.07; the Nasdaq fell 566.37 points, or 4.73%, to 11418.15; the S&P 500 fell 165.17 points, or 4.04%, to 11418.15. 3923.68 points.
Large technology stocks fell across the board, with Apple down 5.64%, Amazon down 7.16%, Netflix down 7.02%, Google down 3.93%, Facebook down 5.12%, and Microsoft down 4.55%.
Bank stocks fell collectively, with JPMorgan down 1.7%, Goldman Sachs down 2.1%, Citigroup down 3.66%, Morgan Stanley down 2.56%, Bank of America down 3.11%, and Wells Fargo down 3.5%.
Airline stocks generally fell, Boeing fell 4.93%, American Airlines fell 5.22%, Delta Airlines fell 3.5%, Southwest Airlines fell 1.86%, and United Airlines fell 4.98%.
Popular Chinese concept stocks rose and fell, Suntech rose 25.63%, Bit Mining rose 15.38%, Youdao rose 13.85%, Medical Beauty International rose 12.23%, and Autohome rose 5.42%.
In terms of decline, China Su Xuantang Pharmaceutical fell 26.33%, Chi-Med Pharmaceutical fell 15.14%, Ucommune fell 13.74%, IWC fell 10.63%, Studio City fell 10.5%, Alibaba fell 5.05%, JD.com fell 4.60 %, Pinduoduo fell 3.91%, and Baidu fell 3.71%.
Zhonggai new energy auto stocks fell across the board, Weilai Motors fell 4.63%, Xiaopeng Motors fell 3.76%, and Ideal Motors fell 1.39%.
In the news, Federal Reserve Chairman Jerome Powell said on Tuesday that no one should doubt the Fed's determination to curb the hottest inflation in decades, and the Fed will raise interest rates above neutral levels if necessary.
The Goldman Sachs CEO said the bank's clients are bracing for slower economic growth and falling asset prices, all as "extremely punitive" inflation in the U.S. weighs on the economy.
He also cited estimates from Goldman Sachs chief economist Jan Hatzius and others that the risk of a U.S. recession in the next 12 to 24 months is at least 30%.
In economic data, the Commerce Department reported that housing starts fell 0.2% in April to an annual rate of 1.72 million units.
The three major European stock indexes also fell. The 100-stock average price index of the "Financial Times" stock market in London, England, closed at 7438.09 points, down 80.26 points or 1.07% from the previous trading day.
The CAC40 index of the French Paris stock market closed at 6352.94 points, down 77.25 points or 1.20% from the previous trading day.
The DAX index of the Frankfurt stock market in Germany closed at 14007.76 points, down 178.18 points, or 1.26%, from the previous trading day.
In terms of international oil prices, WTI June crude oil futures closed down $2.81, or 2.50%, at $109.59 a barrel.
Brent crude oil futures for July ended down $2.82, or 2.52%, at $109.11 a barrel.
In terms of international gold prices, the most actively traded June gold futures price in the New York Mercantile Exchange gold futures market fell $3 from the previous trading day on the 18th to close at $1,815.9 an ounce, a decrease of 0.16%.
On the U.S. dollar index, the U.S. dollar index, which measures the greenback against six major currencies, rose 0.43 percent to 103.8100 as of late New York trading.
(Sino-Singapore Jingwei APP)