{"id":57736,"date":"2023-09-06T17:17:00","date_gmt":"2023-09-06T21:17:00","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-slides-200-points-as-disney-pfizer-walgreens-stocks-sink-to-52-week-lows\/"},"modified":"2023-09-06T17:17:03","modified_gmt":"2023-09-06T21:17:03","slug":"dow-slides-200-points-as-disney-pfizer-walgreens-stocks-sink-to-52-week-lows","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=57736","title":{"rendered":"Dow Slides 200 Points As Disney, Pfizer, Walgreens Stocks Sink To 52-Week Lows"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Risk-off sentiments once again prevailed on Wall Street on Wednesday, as several notable names slipped to their lowest levels in more than a year and large tech stocks suffered a more than $200 billion stumble.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The Dow Jones Industrial Average fell 198 points, or 0.6%, while the S&amp;P 500 and tech-heavy Nasdaq slipped 0.7% and 1.1%, respectively.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Disney, Pfizer and Walgreens, three of the Dow\u2019s 30 constituent stocks, each tanked to their lowest share price in more than a year Wednesday.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Also slumping were the seven mega-cap tech stocks which have exploded in value this year \u2014the group lost roughly $240 billion in market capitalization Wednesday, led by Apple and Nvidia\u2019s respective 4% and 3% slides.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The slide came after the Institute for Supply Management\u2019s U.S. services index revealed prices paid by companies in the services sector rose by 2.1% last month, a worrisome sign for sticky inflation as investors continue to react sourly to any indication the Federal Reserve could keep interest rates higher for longer.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>\u201cThe ISM reinforced all the concerns that have been bedeviling stocks for weeks,\u201d Vital Knowledge founder Adam Crisafulli, explaining the Fed won\u2019t react kindly to \u201csticky inflation\u201d and the subsequent rise in bond yields will hurt other equity valuations.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>Wednesday was Apple stock\u2019s third-worst day of 2023.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>\u201cThe two big challenges facing the Fed right now are the risks that inflation could become entrenched and the risks that the consumer could falter when excess savings dry up,\u201d wrote LPL Financial chief economist Jeffrey Roach, cautioning investors about a \u201cbumpy ride\u201d ahead.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>The Bureau of Labor Statistics\u2019 release of August\u2019s consumer price index reading, the most-tracked inflation metric, will shed light on how the Fed\u2019s battle on inflation\u2019s progress. \u201cStocks are looking at a grim second half\u201d of September if CPI comes in higher than 4.7% annual inflation forecasted by economists, Crisafulli predicted.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/09\/06\/dow-slides-200-points-as-disney-pfizer-walgreens-stocks-sink-to-52-week-lows\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Risk-off sentiments once again prevailed on Wall Street on Wednesday, as several notable names slipped to their lowest levels in more than a year and large tech stocks suffered a more than $200 billion stumble. Key Facts The Dow Jones Industrial Average fell 198 points, or 0.6%, while the S&amp;P 500 and tech-heavy Nasdaq [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":57737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-57736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Slides 200 Points As Disney, Pfizer, Walgreens Stocks Sink To 52-Week Lows | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Risk-off sentiments once again prevailed on Wall Street on Wednesday, as several notable names slipped to their lowest levels in more than a year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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