Daily Bulletin – 24 August 2022
The market is operating around flat today after the US took a pause yesterday. This is a positive sign as the selling that emerged earlier in the week could quite easily have spiralled into more significant losses as key support areas have been broken. The question is, can the buying interest now gain momentum or will the "bargain hunters" take a more cautious approach having been repeatedly burned in recent weeks?
A Twitter whistle-blower has stated that the group misled federal regulators about its defences against hackers and spam accounts, falsely claiming that it had a solid security plan. This news knocked the shares down more than seven percent.
Nordstrom fell 13 percent after hours following the retailer announcing it was cutting its full-year targets. It cited falling demand from inflation-hit customers to explain this move, which follows the recent pattern of US retailers detailing a slowdown in consumer spending.
A Russian state-controlled group has acquired Yandex, the “Russian Google” and the country's leading website, as Moscow continues its push to gain more control over internet services.