new York The approaching turnaround in interest rates in the US is putting investors on Wall Street on the run. Technology stocks in particular continued to decline at the start of the week. The index of the technology exchange Nasdaq fell almost two percent to 14,681 points at the start of trading and thus continued its series of losses in the new year. The Dow Jones index of defaults and the broader S&P 500 lost around one percent to 35,985 and 4625 points, respectively.
Investors are increasingly relying on rapidly rising interest rates. “Goldman now expects four rate hikes in 2022 and this is simply a very hostile environment for technology and growth stocks,” said Thomas Hayes, executive director of asset manager Great Hill Capital in New York. Initially, Goldman Sachs assumed three rate hikes.
The prospect of rising interest rates made investors resort to bank stocks again. The S&P 500 banking index rose to a record level after increasing more than nine percent last week. Interest rate expectations also drove yields on trend-setting ten-year US Treasuries to a two-year high of plus 1.808 percent.
In terms of individual values, Tesla shares slipped more than three percent after CEO Elon Musk announced price increases for driver assistance software in the United States on Twitter. Other electric car stocks also fell, including Rivian Automotive, Fisker, Lucid and Nikola.
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Beam Therapeutics: Beam Therapeutics’ shares fell more than five percent at times following the announcement of a new partnership with Pfizer. Pfizer will partner with Beam, a specialist in gene editing, to develop therapies for rare genetic diseases.
Tilray: After the Canadian pharmaceutical and cannabis company announced an unexpected quarterly profit, the share rose by around 17 percent. As the demand for cannabis products increased by 20 percent, the company’s sales also increased.
Apria: Apria has agreed to be acquired by equipment and services company Owens & Minor for approximately $ 1.45 billion. At the start of trading on Monday, the share rose by around 25 percent.
Sinclair Broadcast Group: The group is planning a new app that will be used to broadcast NBA games in the future, according to a Bloomberg report. The deal could be finalized this week. The Sinclair share rises by almost three percent over the course of trading.
More: These stocks will continue to rise in 2022