Stock Market Today - 5/12: As Bitcoin squanders, growth concerns appoint the tech Rout

Stock Market Today - 5/12: As Bitcoin squanders, growth concerns appoint the tech Rout ...

Equity futures in the United States continue to fall on Thursday, putting the Dow in the sixth consecutive year, as investors continue to shrink risk assets in global markets, citing renewed concerns that central bank tightening, as well as rising inflation, would impact growth prospects for the global economy.

Apple Inc. Reportfalling another 5.25% and into bear market territory as a faster-than-expected reading for core inflation in April revived sharper Fed rate bets and hammered risk assets.

In overnight trading, Bitcoin''s ongoing decline only sparked the panic, with prices for the world''s largest cryptocurrency falling to a one-year low of $26.750.90 per dollar.

The industry isn''t the only concern for the market at the moment, but as the CBOE''s key volatility gauge, the VIX, reintroduces early March levels, bringing a 3.1% to 34.01 points in early hours trading, ensuring another day of nasty swings on Wall Street Thursday.

Slowing growth in Europe, where Britain''s economy fell in March and is expected to fall into recession in the coming months, has added to investor fears, driving investors into safe-haven assets such as Treasury bonds, which increased yields to 2.844% on benchmark 10-year notes, a far more 26 basis point increase from this week.

Despite the recent market decline, betting on a 75 basis point rate rise have been substantially reduced, but the CME Group''s FedWatch tool suggests a 5.1 percent chance for the June meeting.

In other markets, the US dollar index, which tracks the greenback against a basket of its global currency peers, climbed 0.55% to a new 20-year high of 104.416, indicating that sentiment is "risque-off."

The rising US dollar has added to oil prices, which has risen steadily yesterday, as inventories at theStrategic Petroleum Reserve fell by a record 7 million barrels last week to a new low of 543 million barrels in May 2001.

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As marketing expenses mount, demand declines, making it a larger loss in Q1 than the previous year.

The Disney stock plummets as soft Q2 earnings rise and rising costs offset solid Disney+ streaming growth.

WTI crude futures for June delivery were last seen $1.34 down to $104.37 per barrel, while Brent futures for July decreased $1.54 to $105.94.

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Futures contacts with the Dow Jones Industrial Average, which indicated a 140 point opening bell decline before of factory gate inflation data at 8:30 am Eastern time, are priced for a 23 point move.

Futures linked to the Nasdaq are considering a 120-point opening bell fall, which has extended the tech-focused benchmark''s year-to-date decrease to 28%.

Dow component Walt Disney (DIS) - Get Walt Disney Company Reportshares fell 5% after the media and entertainment giant stated that rising inflation and supply-chain snarls might hamper near-term profits, casting a cloud over a better-than-expected tally of subscriber addition to its Disney+ streaming service.

Get Beyond Meat, Inc. Reportshares lost 24% after the plant-based food manufacturer reported a wider-than-expected first quarter loss as the effects of improved volume growth were hollowed out.

Apple''s stock has dropped 1.4 percent from its all-time high on January 3 to around 20.8%, as its key Taiwan-based assembly company, Foxconn, warned that chip shortages and weakening demand would affect current quarter revenues.

Foxconn, the world''s largest electronics company, reported a 5% increase in March quarter profit of $985 billion, but said that its revenues from June quarter as well as those from the end of the year would largely stagnate as a result of supply chain disruptions, China''s lockdowns, and rising smartphone demand.

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