Redwood Capital Management Limited: The Dow and S&P 500 back to back decline
U.S. stock market and treasuries depreciate a lot as it closes Thursday afternoon.
Another reason of the turn down might come from the jobless claims gradual decline which remains high as of this writing. The report showed U.S. employers added 2.5 million jobs in May, coming off 22 million lost in March and April. Analysts are also eyeing profit taking from investors after stocks jumps back rapidly Monday afternoon.
Below are the stock movements as of 4 p.m. in New York's time.
- The S&P 500 sank 5.9%.
- The Stoxx Europe 600 Index slumped 4.1%.
- The MSCI Asia Pacific Index fell 2.1%.
- The Dow Jones Industrial Average lost 6.9%.
- The Nasdaq Composite decreased by 5.3%.
- The yield on 10-year Treasuries decreased six basis points to 0.67%.
- The yield on 2-year Treasuries is unchanged at 0.177%.
- The yield on 30-year Treasuries slipped a bit by 11 basis points to 1.401%.
Under commodities, Gold and oil prices also decreased following the sentiments cause by market's decline for today.
- West Texas Intermediate crude fell by 8.23% to $36.34 per barrel.
- Brent crude is down by 7.62% to $38.55 per barrel.
- Gold depreciated by 7.66% to $1,729.55 an ounce.
The Federal Reserve gave common folks some good news in this pandemic season, as Board Chairman James Powell on Wednesday announced the central bank plans to keep the interest rates it controls at or near zero until year 2022 but for investors it's a reason to sell stocks.
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