Thursday, April 22, 2021

Collective declines in Wall Street indices as Treasury yields rise, and Elon Musk loses $ 11.7 billion

Wall Street’s main indices turned red again with the collective downturn that it witnessed at the end of trading, on the back of the rise in Treasury bond yields to their highest levels in a year.

The Dow Jones Industrial Average decreased by 559.8 points, down 1.75%, the technology Nasdaq index fell by 478.5 points, down 3.52%, and the S&P S & P500 decreased by 96.09 points, to close by 2.45%.

`The collective declines of the main indices came to the new sudden rises in the shares of unwanted companies known as retail stocks, in addition to the continuing pressure on technology companies after the high yields of US bonds.

The record 10-year Treasury yield reached its highest level in a year at 1.614%, prompting investors worried about rising valuations to sell to lock in profits in some of the rising growth stocks.

GameStop shares jumped by 18.56% and the share price is about $ 108.7, and shares of Koss Corp rose 16.7% and the share price is about $ 21.53.

Technology companies’ shares also experienced a wave of decline, except for Twitter, which rose by 3.7%, with the end of trading, and the share price reached about $ 74.5, after the company announced its future plan to increase annual revenues to $ 7.5 billion, and increase the number of users to 315 million users by the end of the year. 2023.

While the rest of the technology companies suffered big losses, the share of Tesla company specialized in electric cars decreased by 8.06% and the share price reached about 682.22 dollars, and Amazon shares decreased by 3.2% and the share price reached about 3057 dollars, and Facebook shares decreased by 3.64%, reaching The share price is about 254.6 dollars, and Microsoft shares fell by 2.3%, and the share price reached about 228.9 dollars.

Shares in GameStop and Koss Corp continued to perform at an extraordinary rate, gaining 19% and 16%, respectively, after a sharp rise in trading volume that baffled even Reddit investors who helped prop up prices of the shares that were shorted significantly last month. .

Senior market analyst at LPL Financial, Ryan Dietrich, said that what happened on Wall Street today is related to bond yields. There was a sudden rise in the 10-year yield, which he described as “annoying” as higher yields scare the stock market, adding: “We just have to. We are waiting for some form of bond equilibrium, ”he told CNBC News.

The fortunes of the world’s billionaires are negatively affected
The mass falls in tech stocks have overshadowed the fortunes of the world’s billionaires.

The fortune of the American billionaire founder of Amazon, Jeff Bezos, decreased by 5.4 billion dollars to about 179.6 billion dollars, and he remains in the first place as the richest man in the world, according to real-time data for the Forbes list.

The fortune of the American billionaire and founder of Tesla, the manufacturer of electric cars, also declined to $ 162.8 billion, after losing about $ 11.7 billion.

Microsoft founder Bill Gates’s fortune fell to $ 123.2 billion, after losing about $ 684 million.

While Facebook founder Mark Zuckerberg lost about $ 3.5 billion of his fortune, which fell to $ 93.3 billion, to remain in the fifth place in the list of world billionaires.

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