New week starts off with a continuation of last week's declines; major indexes off to a bad start
As the first session of the week starts off, investors are hoping to see some changes on the direction of things, only to see the market still under the influence of fear over inflation.
Traders continue to watch these trend to see if intervention from the Federal Reserve will be warranted to curb the rising inflation markers by pulling back policies effective last year, including conducting asset purchases amounting to $120 billion a month and the almost zero interest rates. However, Federal Reserve Chair Jerome Powell, along with other policy makers, believe that these changes are near-term advances and will only be transitory which will normalize in the following months.
Here's an overview on the moves in the market today:
The Dow Jones Industrial Average slightly down and is hovering below the line with a 0.16% or 54.34 points drop. S&P 500 slid down by about 10 points or 0.3%. NASDAQ Composite Index fell with a 50-point decrease or 0.4%. NASDAQ data shows that last week was its fourth consecutive week of losses, and if the trend does not change, it may end up going past that count.The 10 Year Treasury yield increased by 0.5 basis points ending at 1.6400%.
On other news, Bitcoin (BTC-USD) dropped below $45,000 even after Elon Musk, Tesla CEO, said that they have not let go of any holdings of cryptocurrency, though there was a Twitter post earlier that reflects intent to sell.
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