Three main US stock indexes lost around 2%, hitting multi-week lows pressured by financials amid disappointing earnings reports, and tech shares amid soaring Treasury yields. The benchmark 10-year note hit 1.86%, its highest since January 2020 as many investors believe the Fed will need to tight monetary policy earlier than expected. Meanwhile, the earnings season gathered pace. Goldman Sachs's earnings and profits missed estimates, sending the bank's shares down 8% while earnings from the Bank of New York Mellon topped forecasts. At the same time, Microsoft dropped 1.2% after the company announced a $68.7 billion deal to buy video game company, Activision Blizzard. Also, Gap plunged more than 7% after Morgan Stanley downgraded the company to “underweight” from “equal-weight”. The Dow erased more than 550 points to the lowest since December 20th, the S&P 500 dropped 1.8% to touch levels not seen since December 3rd, and the Nasdaq Composite plunged 2.3% to the lowest since October 12th.
Historically, the United States Stock Market Index (US30) reached an all time high of 36960.91 in January of 2022. United States Stock Market Index (US30) - data, forecasts, historical chart - was last updated on January of 2022.
The United States Stock Market Index (US30) is expected to trade at 35253.17 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 33188.55 in 12 months time.