Stocks tumbled as micron and target slumped. Oil prices fell on easing geopolitical strain but more demand worries. Steady dollar made gold prices fell. Crypto slipped.

Updated time: 22 Nov, 2022, 11:40 (UTC+04:00)


Wall Street ended the session in red with a late slump of Micron and Target. The chipmaker company gave up more than 6% in anticipation of a weaker 2023 outlook, pressuring broader tech and triggering Nasdaq to fall 1.54%. The biggest retailer slumped 13% on heavy losses, sending the whole sector down. Another reason adding more red was the upbeat retail sales data rising 1.3% compared to last month, which stoked fears of a more hawkish Fed’s monetary policy tightening. Dow Jones and S&P 500 slipped less than 1%, also dragging down Asian shares despite investors’ keeping bet that stocks will remain high in the year-end.


Oil prices recorded a second day of loss despite a more-than-expected drop in the U.S crude stockpiles on easing Russia-Poland tension and demand worries from China’s rising COVID-19 cases. Brent crude futures and WTI futures fell 0.7% to $92.24 and 0.8% to $84.94 a barrel each.

Gold prices traded at the key resistance level at $1,780 on fears of escalating Russia-Ukraine conflict, reducing the safe-haven demand for the yellow metal. Spot gold fell to $1,773.88 while gold futures remained unchanged at $1,777 an ounce. Copper prices also fell as concerns about the COVID-19 outbreak in China.


Dollar picked up momentum on Thursday, lifting its index to 106.31 as doubts on bets of a slowdown in U.S interest rates. The euro steadied at $1.0394 after NATO said the missile was from Ukraine, not Russia. The Japanese yen hovered at 139.25 while Chinese yuan losses at 7.1033 per dollar. Sterling stood at $1.1918 in Asia trade. The Aussie and the Kiwi fell slightly to $0.6742 and $0.6152 respectively.


Investors pondering the latest industry failure caused a drop in Bitcoin and other cryptocurrencies. Bitcoin fell about 1.5% to around $1,600. Ethereum was at around $1,200, down more than 3%. FTX's FTT token declined over 14% and Serum's SRM dropped over 6%.

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