A pedestrian walks past the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are opening lower on Wall Street following drops in overseas markets, continuing a losing streak for U.S. markets that has brought the benchmark S&P 500 index down for three weeks in a row. Energy companies had the biggest losses in the early going Monday, April 26, 2022 as crude oil prices fell more than 5%.
Major indexes shifted between slumps and rallies throughout the week as the latest round of corporate earnings hit the market in force. Investors have been reviewing a particularly heavy batch of financial results from big tech companies, industrial firms and retailers. “Rising cost pressures and uncertain outlooks from the largest technology names have investors agitated going into the weekend and investors are not likely to be comfortable any time soon with the Fed widely expected to deliver a 50-basis point hike along with a hawkish message next week,” said Charlie Ripley, senior investment strategist for Allianz Investment Management.
Prices for everything from food to gas have been rising as the economy recovers from the pandemic and there has been a big disconnect between higher demand and lagging supplies.
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