NEW YORK, July 11 — US stock indexes slid today, with the earnings season set to kick off in earnest this week amid concerns of weaker corporate profit due to the impact of surging inflation.
The market is largely pricing in a 75-basis-point rate increase later in July, although concerns about the pace of future hikes have grown after a stronger-than-expected jobs report on Friday. "Not only are people worried that earnings are going to come in weak because of an economic slowdown, but also because of the rise of the US dollar which creates a headwind for earnings for multinationals," said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.
Shares of Twitter Inc fell 6.5 per cent after Elon Musk, chief executive of Tesla, said on Friday he was terminating his deal to buy the social media company.
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