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.
SHEUNG WAN, Hong Kong - May 18, 2021 - PRLog -- The said pressure comes from the risks of increased prices or inflation during recovery from pandemic dragging high-growth stocks. With such mindset, investors started shying away, marking a downward turn intraday. The Dow lost all gains made intraday, including the intraday record of more than 35,000 during the session, ending just below the line. NASDAQ records the biggest fall since March with a 2.6% drop in this session, while S&P also sank in this session.

An overview for the movements in the market today:
  • The Dow Jones Industrial Average lost 0.09% and at 34,745.16.
  • S&P 500 Index decreased by 1.04% and currently at 4,188.52.
  • NASDAQ Composite Index dropped to 13,401.86 after losing 2.55%.
  • Yield on 10 Year Treasury now at 1.6020%.
  • Gold up by $6.90 or 0.38% and now at $1,838.20 an ounce.
  • Crude down by $0.08 or 0.12% and closed at $64.82 per barrel.

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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