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Down Wall Street after US inflation data

Down Wall Street after US inflation data

Stock markets in New York opened lower on Wednesday. Investors on Wall Street are looking at inflation data from the US, which was higher than expected. In recent days, fears of a sharp rise in inflation and rising interest rates have also led to a fall in prices in the stock markets, especially for technical funds.

U.S. inflation was 0.8 percent on a monthly basis in April. This is the strongest increase since 2009 and was expected to be 0.2 percent. If inflation rises rapidly, the Federal Reserve, the US umbrella for central banks, may move to raise interest rates faster. This is especially unfavorable for technology companies that have recently lost value. Apple, Google parent parent Alphabet, Microsoft, Tesla and Facebook were up 1.5 percent in red.

Banks benefit from higher interest rates. It made up 2.4 per cent plus major US banks like Citigroup, Bank of America, JPMorgan Chase, Wells Fargo and Goldman Sachs.

Dow Jones Table

Shortly after the opening, the leading Dow Jones index lost 0.3 percent to 34,177 points. The broader S&P 500 lost 0.5 percent to 4,129 points, while the technical benchmark Nasdaq fell 1.2 percent to 13,186 points.

Amazon subtraction showed 0.8 percent. In 2017, the European Commission wrongly advised the Luxembourg government to pay 250 million euros in ‘outstanding’ taxes and interest from the Webshop. The EU General Court ruled in favor of Luxembourg and Amazon in their decision-making process.

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Electronic Arts (EA), the creator of computer games, became known for its FIFA football games, bringing numbers and opportunities well with investors. The stock rose 0.4 percent. Television streaming service FuboTV won more than 14 percent after rising revenue expectations.

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