Stocks still on a rollercoaster path; gains intraday lost and wrapped on declines
On today's market session major indices continues to drop, with all benchmark equities ending below the line.
By: Investam HK Limited
The current drive for the market remains to be the fear for inflation, which makes investors to ease up on growth stocks such as technology, making its performance similar to a rollercoaster ride – steep gains and losses. Relatively speaking, the information technology sector has been going slow this year as it only increased by 3.4% year to date, compared to its performance last year where it was the leading sector out of the 11 sectors.
Now it is coming out as the worst performer as of May of 2021, and traders are still expecting the tech stock to continue the current performance for the next 4-6 weeks as it is still stabilizing after being put under pressure by the inflation data.
NASDAQ Composite index was able to hit as high as 13,480 intraday, bust started declining after the first half of the session, wrapping at more than 0.50% losses. The Dow Jones Industrial Average dropped more than 200 points or about 0.80%, while S&P 500 Index shredded almost 1% on their 2nd day of lose streak despite retail earnings posted being higher than expected.
NASDAQ Composite is currently stabilizing as tech stocks are trying to find their phase after being in a lot of pressure from inflation data.
S&P 500 now at a two day losing streak after failing to bounce back despite the boom in retail earnings posted today.
Here's the key movements for Tuesday's session:
- The Dow Jones Industrial Average down to 34,060.13 after dropping by 267.66 points or 0.78%.
- The S&P 500 Index crashed by 35.48 points or 0.85% and wrapped at 4,127.81.
- NASDAQ Composite Index followed the fall closing at 13,303.64 after losing 0.56% or 75.41 points.
- U.S. 10 Year Treasury yield is up by 0.2 basis points and at 1.6420%.
- Crude is at $65.57 per barrel after losing 1.06% or $0.70.
- Gold is currently at $1,869.80 an ounce after gaining 0.12% or $2.20.
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