On May 18th local time, the three major stock indexes of US stock fell sharply. As of the close, the Dow Jones Industrial Average plummeted 1164.52 points to 31490.07 points, a drop of 3.57%, the largest drop since June 11, 2020; Nasdaq Composite Index fell 4.73% to 11418.15 points, the largest drop since May 6; S&P 500 Index fell 4.04% to 3923.68 points, the worst single-day performance since June 2020. Most of the large technology stocks closed sharply, Amazon fell by more than 7%; Tesla was US$709.81 per share, down 6.8%, with the latest market value of US$735.37 billion; Apple was US$140.82 per share, down 5.64%, with the latest market value of US$2.3 trillion; Google and Twitter fell nearly 4%. Bank stocks fell collectively, with Citi , Bank of America , Wells Fargo falling more than 3%, Goldman Sachs and Morgan Stanley falling more than 2%, and JPMorgan falling 1.7%. The decline in stock prices caused Tesla's market value to evaporate by $53.7 billion overnight; Apple's market value to evaporate by $136.3 billion overnight. According to CCTV News on May 19, analysts believe that after several retailers released disappointing financial reports, the market has re-emerged selling waves, and concerns about inflation have kept the market under continuous pressure. Investors are closely watching the Fed rate hike and its potential economic impact. (Aita)
Source: Daily Economic News
