Nasdaq drops 2.7%, Dow sinks 450 points in losing week

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. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34265.37 -450.02 -1.30%
SP500 S&P 500 4397.94 -84.79 -1.89%
I:COMP NASDAQ COMPOSITE INDEX 13768.921815 -385.10 -2.72%

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

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Retail expert warns rise in crime could ‘catalyze the next recession’

Strategic Resource Group managing director Burt Flickinger warned on Thursday that rising retail crime “is going to compromise the supply chain, crush the economy and catalyze the next recession.” 

Flickinger argued on “Mornings with Maria” on Thursday that thefts lead to “higher retail prices and massive out of stocks, which compromise the consumer and the economy concomitantly.” 

He made the comments in response to railroad company Union Pacific (UP) saying it has experienced a 160% increase in criminal rail theft in Los Angeles County over the past year. The company estimates more than 90 packages are compromised per day. 

“In several months during that period, the increase from the previous year surpassed 200%. In October 2021 alone, the increase was 356% over

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Trucking association chief says industry at ‘edge of cliff’

American Trucking Associations President and CEO Chris Spear argued on Tuesday that the slow return to work is “exacerbating the supply chain’s ability to meet demand.”

Speaking on “Mornings with Maria,” Spear explained the impact on the supply chain due to the “chronic shortage of talent,” which has led to cargo sitting unused and unloaded at U.S. ports.

He also noted that now truckers are moving more with fewer people and “even less equipment in many instances.”

“I think we are at the edge of a cliff right now,” Spear told host Maria Bartiromo. 

“I think a year of policies that have led us there generally stem from rewarding people not to return to work,” he continued, noting that he believes that has contributed to the “chronic shortage of talent, not 

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Business groups celebrate Supreme Court halting Biden’s OSHA vaccine mandate

Business groups are heaping praise on the U.S. Supreme Court after the high court halted the Biden administration’s coronavirus vaccine and testing mandate for businesses with 100 or more employees. 

The National Federation of Independent Business, which sued along with dozens of other plaintiffs to stop the administration from issuing its diktat via the Occupational Safety and Health Administration, was among the first to celebrate.

supreme court vaccine mandate

This artist sketch depicts lawyer Scott Keller standing to argue on behalf of more than two dozen business groups seeking an immediate order from the Supreme Court to halt a Biden administration order to impose a vaccine-or-testing requirement on the (Dana Verkouteren via AP / AP Newsroom)

SUPREME COURT BLOCKS BIDEN OSHA VACCINE MANDATE, ALLOWS RULE FOR HEALTH

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Dollar firm as inflation test looms

SYDNEY – The dollar started the week with support as traders bet U.S. inflation data and appearances from several Federal Reserve officials would bolster the case for higher interest rates.

After dipping on Friday, the greenback stood around its 200-day moving average against the euro at $1.1357 in early Asia trade on Monday. It firmed slightly on the yen to 115.65, fairly close to last week’s five-year high of 116.35 per dollar.

Trade in the Asia session was thinned by a holiday in Japan.

HOW INFLATION WILL IMPACT YOUR 2022 TAXES

Federal Reserve chair Jerome Powell and governor Lael Brainard testify before Senate committees this week regarding their nominations as chair and deputy chair at the Fed.

U.S. inflation figures are due on Wednesday, with headline CPI seen climbing to a red-hot 7% year-on-year.

The dollar started the week with support as traders bet

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