Lola Evans
07 Dec 2022, 07:11 GMT+10
NEW YORK, New York - Investors continued to bail out of U.S. stocks on Tuesday as mounting layoffs continued.
Morgan Stanley on Tuesday reported two percent of its workforce around the globe, approximately 1,600 people, will be let go.
"Fundamentally, we are seeing another round of major layoffs this week, and that only increases the odds that we have a hard landing in 2023 and enter a deeper recession than was initially expected," Adam Sarhan, CEO of 50 Park Investments, told CNBC Tuesday.
Despite relentless selling, the pressure eased towards the end of the day, and losses were trimmed.
The Nasdaq Composite dived 225.05 points or 2.00 percent to 11,014.89.
The Standard and Poor's 500 decelerated 57.58 points or 1.44 percent to 3,941.26.
The Dow Jones industrials gave up 350.76 points or 1.03 percent to 33,596.34.
On foreign exchange markets, the U.S. dollar ground higher. The euro dipped to 1.0467 approaching the New York close Tuesday. The British pound softened to 1.2145. The Japanese yen was little changed at 136.90, as was the Swiss franc at 0.9418.
The Canadian dollar dived to 1.3649. The Australian dollar slipped to 0.6691 after the Reserve Bank of Australia hiked official interest rates by 25 basis points, the eighth monthly increase in a row. The New Zealand dollar was unwanted at 0.6320.
On overseas equity markets, shares in Europe were also sold off. "It's been another lackluster and negative session for European markets, with investors keeping their gaze very much fixed on next week's central bank meetings from the Federal Reserve, as well as the European Central Bank," CMC Markets analyst Michael Hewson told PA Media Tuesday.
"Having seen decent gains over the last few weeks, there appears to be little appetite to drive markets much higher in the short term, with modest profit-taking helping to keep a lid on things."
In Germany, the Dax tumbled 104.42 points or 0.72 percent to 14,343.19.
The Paris-based CAC 40 let go 9.17 points or 0.14 percent to 6,687.79.
In London, the FTSE 100 dropped 46.15 points or 0.61 percent to 7,521.39.
On Asian markets, the Nikkei 225 in Japan added 65.47 points or 0.24 percent to 27,885.87/
In Hong Kong, the Hang Seng declined 77.11 points or 0.40 percent to 19,441.18.
China's Shanghai Composite was flat, inching IP 0.72 of a point ot 0.02 percent to 3,212.53.
The Australian All Ordinaries retreated 40.10 points or 0.53 percent to 7,487.70.
In Indonesia, the Jakarta Composite Index fell 94.76 points or 1.36 percent to 6,892.57.
New Zealand's S&P/NZX 50 dropped 46.15 points or 0.40 percent to 11,631.60.
The Kospi Composite in Seoul, South Korea, was down 26.16 points or 1.08 percent at 2,393.16.
Get a daily dose of South America Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to South America Times.
More InformationMOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...
ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...
The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...
MOSCOW, Russia: A Russian court has extended the detention of Evan Gershkovich, a U.S. reporter for the Wall Street Journal, ...
Israel intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...
ARLINGTON, Virginia: This week, the conservative U.S. political network Americans for Prosperity Action (AFP Action), led by billionaire Charles Koch, ...
beijing - Chinese leader Xi Jinping spoke of a "strengthened political mutual trust and international coordination" with Belarus after he ...
Tehran, Iran - Iran and Cuba vowed Monday to strengthen relations and stand together against sanctions imposed on them by ...
A former U.S. ambassador to Bolivia, Manuel Rocha, has been charged with spying for Cuba since at least 1981.Rocha, 73, ...
Sheynnis Palacios, who attended protests in 2018, was crowned last month as the first-ever Nicaraguan winner of Miss UniverseThe director ...
Diplomat Manuel Rocha has been accused of failing to register as an agent of a foreign governmentA former US diplomat ...
The two countries have increased bilateral trade despite Western restrictions, Brasilia's envoy to Moscow has saidBrazil does not recognize Western ...