Wall Street | Pakistan

Wall Street’s nine-week winning streak ended with a thud on Friday, as red-hot technology stocks suffered their largest daily decline this year after a hot May jobs report fueled fears of a hawkish policy ‌pivot from the US Federal Reserve. Selling was concentrated among chip stocks and other technology favorites that have surged higher in recent weeks as the ‌Nasdaq Composite Index and S&P 500 rose repeatedly to fresh highs. All three major US stock indexes closed sharply lower, with plunging chip stocks dragging the tech-laden Nasdaq down by its largest one-day percentage ​loss since last year. The S&P 500 ended its nine-week run of Friday-to-Friday gains, its longest weekly winning streak since one that ended in December 2023. “After the record run we’ve seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today,” said Ryan Detrick, chief market strategist at Carson Group in Omaha. “Obviously, the stronger-than-expected jobs report puts the Fed in a tough spot rega...

The provincial government on Tuesday said it has decided to implement strict rules to improve traffic flow and prohibit parking on Karachi’s I.I. Chundrigarh Road — often known as the city’s “Wall Street” — to tighten traffic regulation enforcement and improve road safety. Chief Minister Sindh Murad Ali Shah issued the instructions after receiving a briefing on traffic management in the metropolis, a statement issued by his spokesperson, Abdur Rasheed Channa, said. According to the statement, parking will be prohibited on I.I. Chundrigar Road, beginning from Shaheen Complex to the Merewether Tower. CM Shah also directed the authorities concerned to ban parking for all types of vehicles from Muhammad Bin Qasim Road to Dr Ziauddin Ahmed Road up to the S.M. Law College. I.I. Chundrigar Road, a major road in the city’s central business district, is often referred to as Karachi’s “Wall Street”. The road is a significant financial hub, serving as the location for the Pakistan Stock Exchange, major banks, and other ...