Always remember that investments can go down as well as up in value, so you could get back less than you put in. A rule of thumb is to hang on to your investments for at least five years to give them the best chance of providing the returns you are hoping for.
Remember how we said yesterday that the major indices rebounded on Wednesday? Well, that reversed pretty quickly, and we are back in the red again!
Here are yesterday’s closing prices:
All but one of the 11 S&P 500 sectors closed red yesterday. Energy (XLE) had a 0.00% change, while Utilities (XLU) and Consumer Discretionary (XLY) took the biggest hits at -4.01% and -3.45%, respectively.
Bitcoin is up 1.29% to $19,600, while Ethereum is up 1.62% to $1,350, in the last 24 hours.
European stocks are up this morning! The UK’s FTSE 100 is up 0.73%, the regional STOXX 600 index is up 1.07%, and Germany’s DAX is up 1.01%.
GBPUSD, which shows the price of the pound sterling against the US dollar, is up 0.68% this morning to $1.1192.
The US 10-year Treasury yield has dropped 2.01% to 3.714.
According to a report by Nationwide, monthly UK house prices have stagnated for the first time in more than a year. The FT has more.
Liz Truss and Kwasi Kwarteng will try to reassure markets today that they are serious about bringing down Britain’s debt when they meet the Office for Budget Responsibility (OBR). More on the FT.
US weekly jobless claims (the number of Americans filing new claims for unemployment benefits) fell to a five-month low last week even with the Federal Reserve’s stiff interest rate increases and slowing demand. Reuters has more.
Mark Zuckerberg, CEO of social media giant Meta Platforms, Inc., has announced plans to freeze hiring and restructure some teams to trim expenses and realign priorities. Meta’s stock has lost more than 145% of its value in 2022 alone.
Nike (NKE) delivered better-than-expected revenue ($12.69 billion vs. $12.27 billion expected) and earnings per share (93 cents vs. 92 cents expected) in its first fiscal quarter. However, its shares fell 10% in after-hours trading yesterday as the company announced that inventory on its balance sheet was up 44% to $9.7 billion, driven by ongoing supply chain issues and declining sales in Greater China, its third biggest market by revenue. More on CNBC.
Bed Bath & Beyond (BBBY) reported worse-than-expected revenue ($1.44 billion vs. $1.47 billion expected) and loss per share ($3.22 adjusted vs. $1.85 expected). Revenues represent a 28% drop in quarterly sales. BBBY shares are down 4.18%. CNBC has more.
Telefónica, Spain’s largest telecommunications company, is allowing people to use cryptocurrencies to purchase products on its technology marketplace. CoinDesk has more.
The UK’s Financial Conduct Authority (FCA) has been criticised by lawmakers and the crypto sector for being slow in processing crypto licence applications and for rejecting swathes of applicants despite the UK government’s push to make London a global crypto hub. More on Reuters.
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