Global Market Trends (24th Jan., 2022)

Analyst View

The US market was choppy in the previous weeks and rides on investors' sentiments that was affected by FED planned market correction and political tensions across the divide. Selling accelerated for U.S. equities during the final hour of trading as tech weakness continued to roil the broader market sending stocks lower for the day and week. 

The Nasdaq Composite fell 2.7% and the S&P 500 was lower by 1.8%, while the Dow Jones Industrial Average fell 450 points or 1.3%.  All three of the major averages posted the worst weekly drop since March 2020 for the Nasdaq and S&P, the worst since October 2020 for the Dow. 

Technology stock, The selling continued in technology stocks, with Netflix down more than 21% after posting weaker-than-expected subscriber growth. The drop is the worst percentage loss in nearly a decade. 

Elsewhere, chip stocks Nvidia and AMD fell, along with Apple. 

Cryptocurrencies,  the cryptos are massively fallen and getting weaker as Bitcoin fell below the $40,000 level. The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.

Additionally, Robinhood Markets is rolling out crypto wallets to 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, according to a company blog post.

Commodities, oil ended the session down 2.2% to $85.14 per barrel.