Apple, Nasdaq, Dow, S&P 500 drop amid rampant U.S. inflation, economic concerns

Apple, and the Nasdaq, Dow, and S&P 500 swooned Wednesday amid rampant U.S. inflation and overall economic concerns.

Inflation

Reuters:

The Nasdaq and the S&P 500 dropped 3% on Wednesday as a rally in growth shares faded amid economic growth concerns, while Target plunged to the bottom of the S&P 500 after the retailer became the latest victim of surging prices.

Target Corp’s first-quarter profit halved and the company warned of a bigger margin hit on rising fuel and freight costs. Its shares fell 25.2% and were tracking their worst day since the Black Monday crash on Oct. 19, 1987.

All of the 11 major S&P sectors declined, with consumer discretionary and technology stocks down 5.7% and 3.5%, respectively.

Wells Fargo Investment Institute on Wednesday adjusted its economic expectations to make a mild U.S. recession its base case for the end of 2022 and early 2023 based on economic data…

The S&P 500 is down 16.8% so far in 2022 and the Nasdaq has fallen more than 26%, hit by growth stocks… Big Tech and growth companies such as Microsoft Corp, Apple Inc, Google owner-Alphabet Inc, Meta Platforms, Tesla Inc and Amazon.com fell between 3.5% and 6.0% after leading a sharp rebound in the previous session… The Dow Jones Industrial Average was down 836.46 points, or 2.56%, at 31,818.13, the S&P 500 was down 125.35 points, or 3.07%, at 3,963.50, and the Nasdaq Composite was down 432.54 points, or 3.61%, at 11,551.99.

MacDailyNews Take: With any luck, we might get another crack at AAPL under $140! 🙂

‘Tis best to get a handle on inflation, if you know how, while you still can.MacDailyNews, May 11, 2021

Earlier this year, Interactive Brokers founder Thomas Peterffy said, “Inflation is 7% — 1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”

Inflation is repudiation. — Calvin Coolidge

When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan

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27 Comments

    1. First, “No mean tweets”? Then you post a slogan that is effectively a pseudonym for a vulgar statement about the current president?

      Also, Zuck does not like the current administration any more than you do.

      Finally, the current situation is less about the party in charge than many, many other aspects.

      Will the current president become the next President Carter because his administration can’t get the domestic economy under control? Maybe. He’s only got about 18 months or so to turn it around.

      Just as a point of interest, think about two of the primary indicators of U.S. economic health: GDP growth and inflation. How many presidents since the beginning of WWII have had the GDP growth greater than inflation during their entire administration? The answer is two. Both of those were Democrats. Were they lucky and the Republican presidents unlucky in the various economic cycles? Economists will likely debate it for decades to come.

      1. Can’t wait for the MAGA Tsunamis of ’22 and ’24 to wash America clean!

          1. 19 U.S. states enacted election integrity laws in 2021 and more are on the way, including those that ban outside money like Zuckerberg’s from funding drop boxes that lack a chain of custody.

            2000 Mules are out of luck going forward (in most states – enough to Stop The Steal.)

            1. Hey Cuntry Joe… “There was no steal”… there were just people wearing surgical gloves driving around to 10 or 20 drop boxes at 2:00am day after day. Nothing to see here. Just like there was no insurrection. Only unfortunate brainwashed wacko libs

            1. If you all wanted to be intellectually honest with yourselves, you could reference facts. Orange man seldom started his day before 10am. Many days his only official action in the morning was meeting Pence for lunch. Public record, you could readily access it if you wanted to do so. Moreover, Agent Orange claimed in a post election interview he would not have time to golf. Blatant lie, he spent far more time on his golf courses, dragging around a continent of SS officers to his hotels at inflated prices, far more than any other president by far.

              But he tweeted a lot, so you think he was awesome. Results? Nothing but a tax giveaway for people like Cook, and companies like Apple that don’t have any need for the debt-baloooning trickledown bill. How did corporations repay the favor? They’re gouging you with record pricing now.

              Stop pretending either party is anything but puppets for US CEOs.

      2. What slogan? You mean Let’s Go Brandon?!?

        I bet your the type of person that says there is no media bias towards Conservatives also. Don’tcha?

        You wouldn’t have that slogan but for the Lib media! If only the presstitutes aka masturbating media jerking us off, would JUST. ACCURATELY. DO. THERE. JOB!!!!

        So don’t whine about ‘Fake News’ (thanks Hillary) or ‘Let’s Go Brandon’ (thanks NBC Sports media) as that came from the other side not ours. We just picked it up and ran with it!

  1. “With any luck, we might get another crack at AAPL under $140!”

    Get onto your trading account! AAPL just hit 139.90, 2:54pm eastern time. Tremendous support, so far, at 140. It may (keyword may) get a bounce off this.

  2. Well, at least our great leader is giving deference to the WHO! It’s so exciting that our great leader thinks sovereignty is so 1776.

    It’s time to embrace progressivism that will lead us to the old golden era of egalitarianism and collectivism. It’s also time to give a big shout out to equity. Becoming average is enticing and should excite all!

    https://www.thedesertreview.com/opinion/columnists/biden-s-amendments-hand-u-s-sovereignty-to-the-who/article_efcbf104-d20b-11ec-b257-b7c86410fc43.html

  3. Once again we have Tim Cook to thank for incinerating over 150 billion dollars in cash. Apple share holders get nothing, while Tim Cook simply flushing all that cash down the drain. Could he have invested that money in Apple? Yep. Did he? Hell no. Did he give that money to the share holders, you know, the people who OWN the company? Nope. Tim Cook is as feckless a CEO as one could possibly imagine. Tim Cook is utterly destroying Apple. The cretinous Cook knob slobbers like MDN cheer him on all the while the stock tanks for weeks on end.

    MDN is so happy AAPL is under $140. MDN will be even happier once the stock tanks further to $120, or $110. MDN will cream their pants when AAPL drops below $100.

    Years from now, when AAPL is a smoldering ash heap of a company, hanging out with Kodak, Nokia, and IBM, all former giants in their field, the world will remember Tim Cook as the person who led Apple into the dumpster.

    FIRE Tim Cook!

    1. OMU: Are you familiar with the “miss the forest for the trees” saying? I’d like to give your contact info to the; International Miss the Forest for the Trees Group. I’ve been notified they are looking for a poster child, man/women for next month’s issue and I’m confident you’d be a prime candidate.

      Do you have a pic you could post for the upcoming issue?

    2. If you actually read this site, you’d know that MDN are no fans of Cook. Very far from it. And they’ve given good sound reasons as to why they feel that way.

    1. In this country today, regarding the Left, what doesn’t border on racism? And if not that, NAZIism! The Left only plays two card monty when they are not screaming “pay your fair share in taxes”.

      You think you are going to get prosperity from Joe? No, Joe is going to get prosperity from you!

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