Tech stocks drag Wall Street lower as rate woes weigh; INTC, AMZN fall

June 08, 2022 02:24 PM PDT | By Rupam Roy

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Tech stocks drag Wall Street lower as rate woes weigh; INTC, AMZN fall — Image source: © Suriyaphoto | Megapixl.com

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US stocks drifted lower on Wednesday, June 8, pulled down by technology shares as inflation, rising oil prices, and rate woes weighed on investors’ sentiment ahead of May CPI data.

The S&P 500 fell 1.08% to 4,115.77. The Dow Jones was down 0.81% to 32,910.90. The NASDAQ Composite decreased by 0.73% to 12,086.27, and the small-cap Russell 2000 fell 1.49% to 1,891.01.

Global crude benchmark Brent oil traded 2.75% higher to US$123.89, and US standard WTI crude climbed 2.50% to US$122.39. The rising oil prices on Wednesday raised fresh inflation concerns.

The Labor Department will likely release its May consumer price index (CPI) data on Friday. Traders expect a 50 basis points hike in interest rates by the Federal Reserve. As announced earlier, the bank is expected to double down with another half-a-point increase in July.

The real estate, technology, and industrial sectors of the S&P 500 index were the bottom movers on Wednesday. Ten of the 11 segments stayed in the red. The communication sector was the lone gainer.

Shares of Intel Corporation (INTC) fell 5.56% after Citi Research warned that the technology firm may pre-announce a bleak second-quarter forecast. Other chipmakers also declined following the news.

The Amazon.com, Inc. (AMZN) stock declined 1.57% after its global consumer business head Dave Clark announced to join Flexport as chief executive in September. Clark plans to quit Amazon on July 1.

Tobacco firm Altria Group, Inc. (MO) shares fell 8.35% after Morgan Stanley downgraded the stock on competition worries. Shares of Campbell Soup Company (CPB) gained 1.63% after the company reported strong quarterly results and raised its sales guidance for the current fiscal year.

In technology stocks, NVIDIA Corporation (NVDA) decreased by 1.45%, Broadcom Inc. (AVGO) declined 1.33%, and ASML Holding N.V. (ASML) plunged 1.66%. Adobe Inc. and Accenture plc (ACN) plummeted 1.06% and 1.27%, respectively.

In the real estate sector, Prologis, Inc. (PLD) fell 3.79%, Equinix, Inc. (EQIX) tumbled 3.31%, and Public Storage (PSA) dropped 4.26%. Simon Property Group, Inc. (SPG) and Realty Income Corporation (O) ticked down 2.45% and 1.40%, respectively.

In communication services stocks, Meta Platforms, Inc. (FB) rose 0.51%, Netflix, Inc. (NFLX) gained 2.12%, and Charter Communications, Inc. (CHTR) surged 1.12%. NetEase, Inc. (NTES) and Baidu, Inc. (BIDU) advanced by 3.23% and 1.53%, respectively.

In the crypto space, Bitcoin (BTC) and Ethereum (ETH) fell by 3.5% and 2.56%, respectively. The global crypto market cap decreased by 2.68% to US$1.24 trillion at 5:05 pm ET on June 8.

Also Read: Uptick in Chinese tech stocks renews hopes of a long rally

Also Read: Is LTO Network (LTO) crypto rising after Binance US listing?

Also Read: RIO to NEM: Should you consider these 5 gold stocks amid inflation?

Futures & Commodities

Gold futures were up 0.19% to US$1,855.60 per ounce. Silver decreased by 0.49% to US$22.070 per ounce, while copper rose 0.20% to US$4.4445.

Brent oil futures increased by 2.73% to US$123.87 per barrel and WTI crude was up 2.51% to US$122.41.

Also Read: Why Heartcore Enterprises (HTCR) stock surged over 170%?

Bond Market

The 30-year Treasury bond yields were up 1.75% to 3.177, while the 10-year bond yields rose 1.92% to 3.027.

US Dollar Futures Index increased by 0.22% to US$102.550.

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