UBS GWM chief David Lefkowitz is discussing the possibility of a recession.
U.S. stocks gave up all previous gains after Federal Reserve Chairman Jerome Powell signaled an impending interest rate hike.
Ticker security Last change Change% I: DJI DOW JONES AVERAGE 34792.76 -368.03 -1.05% SP500 S&P 500 4393.66 -65.79 -1.48% I: COMP NASDAQ COMPOSITE INDEX 13154407% -287% -25.
Powell said on Thursday that central bank employees could raise interest rates by 50 basis points in May and the coming months as they seek to tame the hottest inflation for four decades. His comments lowered all three key averages.
The Dow Jones Industrial Average fell 368 points, or 1%, while the S&P 500 and Nasdaq Composite fell 1.5% and 2%, respectively.
Yields on 10-year government securities rose to 2.917%, a new 52-week high.
Elsewhere, Twitter shares rose after Elon Musk, in a request to the Securities and Exchange Commission, confirmed that he had funding for his $ 43 billion offer for the social media giant at $ 54.20 per share.
Ticker Security Last Modified Change% TWTR TWITTER INC. 47.06 +0.34 + 0.73%
Musk’s other focus, Tesla, saw its shares rise after first-quarter earnings more than seven times higher than a year earlier. The electric vehicle company is benefiting from strong sales despite the break in the global supply chain and the pandemic-related production cuts in China.
Ticker Security Last Modified Change% TSLA TESLA INC. 1,008.78 +31.58 + 3.23%
In other automotive news, Ford shares fell after announcing the withdrawal of 650,000 trucks and SUVs due to defective windshield wipers.
Ticker Security Last Modified% F FORD MOTOR CO. 15.71 -0.34 -2.15%
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Shares of American Airlines jumped after signaling a return to profitability, joining Delta in the recovery after the pandemic.
“The demand environment is very strong and as a result we expect to be profitable in the second quarter based on our current fuel price assumptions,” said CEO Robert Izom.
Ticker Security Last Updated% AAL AMERICAN AIRLINES GROUP INC. 20.22 +0.74 + 3.80% DAL DELTA AIR LINES INC. 44.73 +1.21 + 2.77% UAL UNITED AIRLINES HOLDINGS INC. 50.85 + 4.13%
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Shares of Netflix fell again after falling more than 35% on Wednesday after the streaming service lost subscribers in the first quarter.
Ticker protection Last change Change% NFLX NETFLIX INC. 218.22 -7.97 -3.52%
In other media news, Warner Discovery has confirmed that it will close CNN + after launching just a month ago.
Ticker Security Last Modified Change% WBD WARNER BROS. DISCOVERY INC. 21.45 -1.56 -6.78%
“Once we become Warner Bros. Discovery, CNN will be the strongest as part of WBD’s streaming strategy, which sees news as an important part of a captivating wider offering, along with sports, entertainment and science and art content, said CNN Worldwide CEO Chris Licht. in a statement released by Fox News.
Crude oil prices rose on Thursday amid supply concerns over a possible European Union ban on Russian oil. West Texas Intermediate crude rose to $ 103.79 a barrel, while Brent, the global benchmark, reached $ 108.33.
Ticket Security Last change% USO UNITED STATES OIL FUND LP 78.12 +0.88 + 1.14% BNO UNITED STS BRENT OIL FD LP UNIT 30.93 +0.30 + 0.98% UGA STATE PETROL FUND LP PARTNERSH% 85 +52.95
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In economic news, the number of new applications for unemployment benefits from the Ministry of Labor increased by 184,000. Ongoing claims, which track the total number of unemployed collecting benefits, fell to 1.41 million, the lowest level in 52 years.
Traders work on the floor of the New York Stock Exchange (REUTERS / Brendan McDermid / Reuters Photos)
Bitcoin is trading around $ 41,000.
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The Associated Press contributed to this report.
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