Local

Wall Street ends mixed after a day of wavering up and down

(AP) – Wall Street ended a mixed trading day with a mixed end on Monday, and returned some market gains after a strange week.

The S&P 500 slipped 0.3% after switching between small gains and losses during the day. The Dow Jones Industrial Average was down 0.2% and the Nasdaq was down 0.7%. Shares of small businesses rose, and more shares rose than fell on the New York Stock Exchange.

The decline in technology and communication stocks, and in several large retailers and travel-related companies, had a weight in the market. These losses were verified in energy stocks and elsewhere.

The erratic end of the market closed the week with strong gains last week and the S&P 500 posted its best two-year day on Friday. Shares rose last week as pressure on Treasury yields eased somewhat and investors speculated. Federal Reserve it may need to be as aggressive as first thought in raising interest rates in the fight to control inflation.

Treasury yields rose again on Monday. Last week’s stock bounce was largely seen as a reaction to a wave of sales that some market strategists thought was excessive, leaving the market ripe for a bounce.

“There’s been a bit of noise coming in at the end of the quarter,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management.

“So it wasn’t surprising for us to see a rebound last week.” On the other hand, Hainlin said, “That wouldn’t necessarily be an indication that things have basically gotten better.”

The S&P 500 fell 11.63 points to 3,900.11. The Dow fell 62.42 points to 31,438.26, while the Nasdaq fell 83.07 points to 11,524.55.

Shares of smaller companies thwarted the decline of the wider market. Russell 2000 rose 6.01 points, or 0.3%, to 1,771.74.

European markets also ended up mixed. Asian markets rose overnight.

Technology and communications stocks were among the biggest drags on the market. Microsoft fell 1%, while Electronic Arts fell 3.5%.

Several large merchants and companies related to travel also fell. Amazon and Carnival each fell 2.085%.

These losses were offset by gains in other parts of the market, including energy stocks, which rose by 1.8% in the price of crude oil in the US. Exxon Mobile rose 2.5%.

Robinhood Markets rose 14% after a report suggesting that FTX cryptocurrency exchange is considering buying the popular FTX trading application. In May, Samuel Bankman-Fried, CEO of FTX, bought a 7.6% stake in RobinhoodAccording to a dossier from U.S. regulators.

Robinhood was famous for its easy-to-use trading app, bringing a new generation of investors to the stock market, perhaps the most famous GameStop meme-stock frenzy that rose early last year. Crypto has become an important part of its business.

Treasury yields rose. The 10-year Treasury yield that helps set mortgage rates rose to 3.20% from 3.12% on Friday night.

Last week’s market rally was welcomed amid a deep decline on Wall Street as investors worried about the inflation trajectory and whether rising interest rates would dampen the impact on businesses and consumers or push the economy into a recession.

The Federal Reserve and other central banks are raising interest rates sharply, returning from maintaining low rates in the virus pandemic that helped boost the economy. yes delicate balance For the Fed, it expects the economy to cool, but not so much that it actually shrinks. High interest rates, however, have also hurt investor prices and affected a large portion of annual sales.

Investors have taken a good look at recent reports showing weak consumer sentiment and economic growth, which as economic growth slows the Fed’s chances of easing its aggressive rate hike plan.

Wall Street will have several more reports this week that can provide more information on inflation, economic growth and the Fed’s path.

On Tuesday, The Conference Board business group will release a report on consumer confidence in June. Expenditure and confidence held up well for most of the post-pandemic recovery, although inflation rose. But high gas prices and the general tightening of inflation are eating away at portfolios and have prompted many to change or reduce spending.

It was part of the momentum behind the tight inflation boom Russia’s invasion of Ukraine in February. This raised the price of energy. U.S. crude oil prices have risen more than 40 percent a year. The price of wheat and corn has also risen.

Speaking via video link to Ukrainian President Volodymyr Zelenskyy, the leaders of Group Seven were concluding an agreement to seek a price cap on Russian oil, raise tariffs on Russian goods and impose new sanctions.

Russia may also pay off its foreign debt for the first time since the Bolshevik Revolution of 1917, moving the country even further away from the global financial system.

Investors will receive another update on U.S. economic growth on Wednesday when the Commerce Department releases its first-quarter gross domestic product report.



window.fbAsyncInit = function() {
FB.init({

appId : ‘539069052819459’,

xfbml : true,
version : ‘v2.9’
});
};
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = “https://connect.facebook.net/en_US/sdk.js”;
js.async = true;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));

Wall Street ends mixed after a day of wavering up and down Source link Wall Street ends mixed after a day of wavering up and down

Related Articles

Back to top button