Argentine stocks traded down as much as 10% this Wednesday on Wall Street, where the main indices also fell. Mercado Libre, the one that fell the most.
The only actions that marked a rise were Corporación América, with a rise of 0.2%, and Irsa, with an improvement of 0.2%.
Wall Street closed sharply lower on Wednesday: the S&P 500 lost 163.59 points, or 4%, to 3,925.18 points; the Nasdaq fell 561.50 points, or 4.7%, to 11,423.03; and the Dow Jones Industrial Average fell 1,148.11 points, or 3.5%, to 31,506.48.
“Low income (citizens) shop at Walmart; the middle income is people who shop at Target. So (inflation) is starting to go up the pyramid,” he said.”The reality is not too good for consumption. You have to be realistic,” he concluded.The S&P 500 is down 17% so far this year and the Nasdaq is down 27%, hurt by lower growth stocks.After poor prospects announced by some retail groups, with Target stores losing 25%, all 11 sectors of the S&P 500 closed in the red.
The spectacular drop in the stock of Target supermarkets, from 25% to 160 dollars per share – a rare drop in the retail sales sector – drew the attention of investors, as it showed the impact of rising prices on consumption and company profits.The president of the firm, Brian Cornell, after the drop in quarterly profits, complained about cost increases and warned that sales would fall in 2023.
For Peter Cardillo of Spartan Capital, “the decline in the indices reflects a combination of factors, in particular profit-taking by investors, bad news from companies and a mediocre indicator with the fall in new home construction.”“People are buying expensive products less and less, and turning to generic products,” said Gregori Volokhine of Meeschaert Financial Services.“Low-income (citizens) shop at Walmart; the middle income is people who shop at Target. So (inflation) is starting to go up the pyramid,” he said.“The reality is not too good for consumption. You have to be realistic,” he concluded.