Power Breakfast: ​US Market Closes Weak For Second Consecutive Day, Dow Sheds 350 Pts, Oil Ends Near 1-Year Low

US markets closed with weakness for the second consecutive day. Dow fell 350 points and the Nasdaq dropped 240 points. Paramount Global's stock fell 7% due to CEO's statement to reduce advertising expenses. Apart from this, a decline of 2-4% was also seen in META and Amazon. Morgan Stanley's stock also remained under pressure due to the news of layoffs. CEOs of many big companies expressed apprehension of recession. The consumer spending trend of 2022 is expected to continue further. Dollar index gained on the second day, reached near 105.5. At the same time, crude oil reached at 1-year low. Brent Crude reached near $80.