Stock Market opened higher but meager trading resumed resulting to losses
Stock futures has opened higher than anticipated, but conservative trading session followed causing major indexes to drift on the lower side.
The Commerce Department expected that the consumer price index will rise by more or less 2% on a year to year basis as consumer products started gaining price above the pandemic levels. On the other hand, banks are sure to be the first ones to reflect a rise in profits as a sign of the recovery of the economy.
Below is a brief summary of the market's movement as 4 p.m. NY time, Monday:
The futures of NASDAQ, the Dow and S&P all remained in the green with less than 0.1% increase across.
The Dow Jones Industrial Average pulled back from Friday's record high, losing 55.20 basis points or 0.16% closing at 33,745. Amongst the Dow leaders, Apple fell 1.3% in today's session, heavily impacting the Dow's performance and ending its 7-day win streak.
NASDAQ Composite Index underperformed, returning a portion of its gains last Friday back to the market, pulling down by 50.19 basis points or 0.36% while closing at 13,850. NASDAQ was able to successfully break their 52-week wall, hence the expectation is great for the sector.
S&P 500 Drifted slightly below record levels, pulling down by 0.81 basis points or 0.02% ending at 4,128. The sectors under S&P have the greatest to gain with the recovery of the economy, reflecting its numbers.
The 10 Year Treasury Note gained 0.028 basis points or 1.71% ending at 1.698.
For commodities, Gold dipped 10.74 points or 0.62% at 1,744.02. Silver dropped 0.18 points or 0.73% at 25.26. Western Texas Intermediate Crude up by 0.50% at 60. Brent Crude closed at 63.63 with a 0.55% gain today.
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