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Today's trading session marks NASDAQ's worst since March; market wraps lower
First session of the week, Monday, ended with stocks falling along with all the benchmark equities as technology stocks are put under more pressure by the traders.
An overview for the movements in the market today:
Traders have taken in a lot of information from last week, and is currently focused on the idea of inflation during the recovery from pandemic, mainly due to the surge in demand while the status of the economy gets better. More reopening means more people, resulting to a higher demand then higher prices.
This may lead the Federal Reserve to modify and tighten existing policies, and with all these considered, would affect and risk the valuation of long-term growth stocks like those of companies focusing on technology. While the job reports posted last Friday neutralized this concern temporarily, as it was interpreted that the economic recovery is still far from being complete.
But now that the prices of commodities are advancing, supply and demand mismatches are being cited by a number of companies which solidifies the threat of inflation.
The Dow Jones Industrial Average slightly off the line with a 0.10% or 32.60 points drop even after an intraday record high of 35,000. S&P pulled back losing more than 1% or almost 50 points. NASDAQ Composite Index fell with more than 350 points decrease or less than 3%. Tech stocks are the most affected with the current market mood. The 10 Year Treasury yield increased by 2.5 basis points ending at 1.6020%.
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