Market session wraps; labor shortages getting more pronounced

Stock market continue to struggle for direction as investors adopt a wait and see attitude while digesting new data provided by The Bureau of Labor Statistics reflecting ongoing shortage on the labor department as the economy undergo recovery.
HONG KONG - June 17, 2021 - PRLog -- Employers are currently doing the best they can to find more qualified workers to fill the currently empty positions created by the post-pandemic recovery. The report states that job openings soared to more than 9 million in April, the highest recorded.

Even small business showed that they have open positions that needs to be filled, which was reflected on a survey last month showing 48% of small businesses that participated all had positions to fill. Investors are currently laying low due to the signals from different sources about the possible outcome regarding the monetary and fiscal policies, if they will be changed or they will retain the set up for the time being.

The possible impact of such changes made any investor think twice before making large movements, thus traders adopted to waiting else be swept by sudden recon. There's also the statement from Treasury Secretary Janet Yellen last Sunday stating that an increase with the interest rates is beneficial for the society's and Fed's point of view, which adds up to the current worries of investors.

S&P 500 Index was little changed as it inched a bit closer to its record high at 4,227.23. NASDAQ Composite Index gained almost 50 points or about 0.30%, while the Dow Jones Industrial Index observed losses with almost 0.1% drop.

Here's an overview for Tuesday's movements:
  • The Dow Jones Industrial Average down to 34,599.23 after losing 31.01 points or 0.09%.
  • The S&P 500 Index little changed after climbing by 0.71 points or 0.02% and closed at 4,227.23.
  • NASDAQ Composite Index edged higher at 13,924.91 after gaining 0.31% or 43.19 points.
  • U.S. 10 Year Treasury yield is down by 4.1 basis points and at 1.5280%.
  • Crude is at $70.22 per barrel after gaining 1.43% or $0.99.
  • Gold is currently at $1,895.30 an ounce after losing 0.18% or $3.50.
Strategists suggest that concern over inflation and tax reform are a bit over the top and that investors are either overreacting or overly sensitive about the matter. The economy is improving and these changes are the natural course of things.

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