Wall Street posts declines for first week of 2022; Nasdaq has worst week since Feb | Malay Mail

NEW YORK Jan 8 — Wall Street yesterday wrapped up the first week of the new year with daily and weekly losses as investors worried about looming US interest-rate hikes and unfolding Omicron news.

On Wednesday, minutes released of the Fed’s December 14-15 policy meeting showed officials at the US central bank viewed the labour market as “very tight,” and signaled the Fed may have to raise rates sooner than expected. The Dow Jones Industrial Average fell 4.81 points, or 0.01 per cent, to 36,231.66, the S&P 500 lost 19.02 points, or 0.41 per cent, to 4,677.03 and the Nasdaq Composite dropped 144.96 points, or 0.96 per cent, to 14,935.90.

“The sentiment has turned negative,” said Jack Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. “Right now the market is nervous and in the mood to sell at the first hint of bad news.”Investors have been rotating out technology-heavy growth shares and into more value-oriented shares, which they think may do better in a high interest-rate environment.

“Meme stock” GameStop Corp jumped 7.3 per cent after the video game retailer said it is launching a division to develop a marketplace for nonfungible tokens and establish cryptocurrency partnerships.

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