Weekly Profits for US Stocks – Al-Ittihad Newspaper

Sheriff Adel (Washington)

During Friday’s trading, US stocks broke a three-day rally, but that gave up only a small part of their weekly gains that pleased investors, a week before many consider the most important and exciting weeks of the summer. This will have a significant impact on shaping analysts’ view of the US economy in the coming period.
The negative seasonal business results announced after the close of trading on Thursday led to heavy losses for most tech companies, including the two companies that own the most prominent social networking sites, Snap and Twitter. 1.87% on Friday, and the S&P index lost 0.93% of its value, and the Dow Jones Industrial Average was satisfied with a loss of 0.43% from its level at the beginning of the day. Snap’s stock lost nearly forty percent of its value on Thursday and later in the after-hours on Friday.
The “Snap effect” extended to several major tech companies, with Facebook’s Meta Platforms stock falling 7.6% earlier, and Alphabet, the parent company of popular search engine Google, losing 5.6% of its value.
Despite Twitter reporting a loss in its final quarter, the biggest impact on the company’s stock was linked to the development of a buyout offer for the company by Elon Musk, the world’s richest man, two weeks ago. Before. On Friday, Twitter led the market’s moves by 0.8%.
The Federal Reserve’s Federal Open Market Committee will meet on Tuesday and Wednesday of this week to decide on the interest rate used for the bank’s funds – a five basis point hike. After that, the bank will begin to slow the pace of tightening its monetary policy in the coming weeks.
In addition to the announcement of the five largest companies in the US market, the results of their business for the final quarter, the week was filled with the announcement of the results of 170 companies, more than a third of the companies that make up the S&P. 500 index, and a set of key data on the U.S. economy is eagerly awaited by investors to update expectations about the future.