Wall Street Today | Tech Stocks Head for Worst December Since 2002 as Fed Optimism Fades
MACRO
US Mortgage Rates Drop for Sixth Straight Week, Falling to 6.27%
Mortgage rates in the US fell for a sixth straight week, hitting a roughly three-month low. The average for a 30-year, fixed loan was 6.27%, down from 6.31% last week, Freddie Mac said in a statement Thursday.
US Third-Quarter GDP Revised Higher to 3.2% on Firmer Spending
US economic growth in the third quarter was firmer than previously estimated, reflecting upward revisions to consumer spending and business investment.
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SECTORS
Tech Stocks Head for Worst December Since 2002 as Fed Optimism Fades
The $NASDAQ 100 Index(.NDX.US$ sank 2.5% Thursday after a report showed US jobless claims remained near historically low levels, underscoring that the Fed has plenty of reasons to keep tightening policy. Separate data showed a key inflation gauge was up slightly from the prior reading.
The tech benchmark has dropped 8.93% this month. This month's selloff would have to get worse to exceed losses suffered in December 2002 when the benchmark dropped 12%. There may be some good news for bulls looking back at how things played out 20 years ago: The Nasdaq 100 had already bottomed in October 2002 after plunging 83% from a March 2000 peak.
Egg Prices Surge to Records as Bird Flu Hits Poultry Flocks
Egg prices are hitting records, driven by an avian-influenza outbreak that has killed tens of millions of chickens and turkeys this year across nearly all 50 states.
Retail egg prices have increased more than any other supermarket item so far this year, climbing more than 30% from January to early December compared with the same period a year earlier, according to the data firm Information Resources Inc.
COMPANY
Musk Says He Won't Sell Tesla Stock for Two Years, Reuters Reports
Elon Musk said he doesn't plan to sell shares of $Tesla(TSLA.US$ for two years, according to Reuters, after the chief executive officer offloaded almost $40 billion worth this year, mostly to fund his purchase of $Twitter (Delisted)(TWTR.US$.
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AMC Entertainment Sinks on Plan to Convert Preferred Shares
$AMC Entertainment(AMC.US$ sank 7% after proposing to convert preferred equity units into common shares along with a 10-to-1 reverse stock split.
Google Tells Employees More of Them Will Be at Risk for Low Performance Ratings Next Year
More $Alphabet-A(GOOGL.US$ employees will be at risk for low performance ratings and fewer are expected to reach high marks under a new performance review system that starts next year, according to CNBC.
Source: Bloomberg, Dow Jones, CNBC
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