Technology stocks were the biggest weights on the market. Makers of semiconductors and chip manufacturing equipment also suffered heavy selling after the U.S. government tightened export controls to limit China’s ability to get advanced computing chips, develop and maintain supercomputers, and make advanced semiconductors. Nvidia fell 3.4 per cent.
Wall Street has been turbulent amid worries about stubbornly hot inflation and the Federal Reserve’s plan to tame high prices by raising interest rates. The goal is to slow economic growth and cool both borrowing and spending in order to get inflation under control, but the plan risks sending the economy into a recession.
Wall Street will also get important updates on inflation and more insight into how that is impacting retail sales. A busy week of closely watched economic reports comes amid the opening to the latest round of corporate earnings reports. Those reports, and statements from companies and corporate executives, could help provide a clearer picture of how high prices are impacting revenue and profits and the expectations for the rest of the year and even into 2023.
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