12/19/2022, 10:01 PM (Source: TeleTrader)
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US ends session deep in red as rate talks continue

Major stock markets on Wall Street closed the first trading session of the week in negative territory amid continued concerns prompted by the Federal Reserve's plan to hike rates above expectations in the coming months. Investors were awaiting tomorrow's batch of earnings reports, with FedEx, Nike and BlackBerry set to publish their financial results after the closing bell on Tuesday.

The Dow Jones lost 0.49% or 162 points at the close, while the Nasdaq 100 tumbled 1.42% or 159 points and the S&P 500 declined 0.90%. The markets closed lower for the fourth consecutive day, as hopes of a year-end rally dwindled.

Disney's stock plunged nearly 5% on the news the new Avatar movie failed to meet box office expectations. At the same time, Warner Bros Discovery plummeted by more than 6.5% after increasing restructuring costs by about $1 billion last week. Finally, shares of Facebook parent Meta lost over 4% on the European Union's probe into ad-related law breaches.

Baha Breaking News (BBN) / ND