Stocks open lower led by more weakness in technology companies | a job

Stocks open lower again on Wall Street as the market extends its losing streak last week. The S&P 500 fell 0.9% early Monday. Tech companies were again doing worse than the rest of the market. This sent the Nasdaq down 1.5%. Both indices fell last week for the first time in four weeks. Twitter was in the spotlight after mercurial billionaire Tesla Elon Musk said he would not join the company’s board of directors after all. Musk recently became the company’s largest shareholder and is now free to increase his stake.

This is an urgent news update. The previous story for the Associated Press follows below.

BEIJING (AFP) – Global stock markets and Wall Street futures sank Monday after the Federal Reserve signaled it might raise interest rates more aggressively to cool US inflation, and President Emmanuel Macron exited the first round of French elections with a He faces a challenge from the far right.

London and Frankfurt opened lower. Shanghai, Tokyo and Hong Kong retreated. Oil fell more than $2 a barrel on concerns about weak global economic growth.

Investors are uneasy about rising interest rates, Russia’s war on Ukraine and China’s efforts to contain the coronavirus outbreak.

Federal Reserve officials indicated in notes from last month’s meeting that they were considering raising the US interest rate by twice the normal amount in upcoming meetings. They also indicated that they may shrink the Fed’s bond holdings, which could raise commercial borrowing rates.

Investors are seeing “increasing evidence that the Fed will take a more committed approach” to fighting inflation, Stephen Innes of SPI Asset Management said in a report.

In early trade, London’s FTSE 100 was down 0.3% at 7,648.81 and the DAX in Frankfurt fell 0.5% to 14,220.99.

The CAC 40 in Paris advanced 0.7 percent to 6593.24 after Macron said his battle with national rally rival Marine Le Pen in the second round of voting on April 24 will be a tough one. The two were finalists in the last presidential election five years ago.

“Markets are looking at volatility two weeks before the final outcome is known,” Charlotte de Montpellier and Antoine Bouvet of ING said in a report.

On Wall Street, the S&P 500 future was down 0.4% and the Dow Jones Industrial Average was down 0.1%.

On Friday, the S&P 500 lost 0.3% and the Dow rose 0.4%. The Nasdaq Composite Index fell 1.3%.

Higher interest rates usually lower economic activity and make safer assets like bonds more attractive while making stocks look riskier and more expensive.

Some worry that the Federal Reserve, accused of acting too late with soaring inflation, could push the brakes too hard and push the world’s largest economy into recession. Economists at Deutsche Bank last week forecast a recession in the US by late next year.

In Asia, the Shanghai Composite lost 2.6% to 3,167.13 after inflation accelerated to 1.5% over the past year in March from 0.9% the previous month amid upward pressure on global prices due to uncertainty over Russia’s war on Ukraine.

Nomura analysts said in a report that inflation “may limit the space for interest rate cuts” to support China’s economic growth.

Also in China, automakers and other manufacturers are slashing production due to supply disruptions after authorities tighten disease control controls to stem the spread of the coronavirus in Shanghai and other cities.

Automaker BYD slipped 4.5% and Dongfeng Motor Group tumbled 3.6%. Tech companies also fell due to reports of plans for more regulatory action in the industry.

ACM Research, a supplier of equipment to the semiconductor industry operating in Shanghai, fell 6.1% on Friday after it said the restrictions would severely hurt its revenue.

The Nikkei 225 in Tokyo was down 0.6% to 26821.52 and Hong Kong’s Hang Seng fell 3% to 21,208.30.

Sydney’s S&P-ASX 200 advanced 0.1% to 7,485.20.

India’s Sensex lost 0.5 percent to 59,183.25 points. New Zealand and Singapore fell while Indonesia advanced.

Jakarta-traded shares of GoTo, the so-called super app that offers a range of services and goods, including passenger transportation services and advanced technology, rose 21% on Monday in its first trading appearance after a $1.1 billion initial public offering.

Oil prices fell again on expectations of weak demand after peaking above $130 a barrel last month on concern over supply disruptions from Russia, the world’s second-largest exporter.

In energy markets, benchmark US crude fell $2.32 to $95.94 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.23 to $98.26 on Friday. Brent crude, used as the basis for the global oil price, fell $2.22 to $100.56 a barrel in London. It rose $2.20 in the previous session to $102.78 a barrel.

The dollar rose to 125.33 yen from 124.37 yen on Friday. The euro was unchanged at $1.0906.

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