Asian shares were mixed in choppy trading Thursday, as inflation worries and the war in Ukraine had investors partly optimistic while staying cautious.
Wall Street’s major stock indexes ended mixed on a day dominated by the drop in Netflix shares, which lost more than a third of their value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. “While it is in communication services, it is also a discretionary stock, clearly, in that it’s one of those things people buy because they want, not because they have to,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.
Tesla rose 4% in after-hours trading after reporting first-quarter net earnings that were over seven times greater than a year earlier. The electric vehicle and solar panel company benefited from strong sales despite global supply chain kinks and pandemic-related production cuts in China. Inflation has been putting increasing pressure on a wide range of industries and increasingly squeezing consumers.
Interest rates are considered “neutral” when they neither push nor restrict economic growth. Currently, investors expect rate hikes to increase the benchmark interest rate to a range somewhere between 2.50 per cent and 3 per cent by the end of the year, according to CME Group’s FedWatch tool.
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