Market retreat from record levels, wrapping mixed for major indexes

The first session of the week wrapped lower for majority of the benchmarks, as both Dow and S&P retreated from Friday's record level.
By: Synergy Capital Asset Management Limited
 
WAN CHAI, Hong Kong - July 13, 2021 - PRLog -- Only NASDAQ edged higher with the help of the performance of Big Tech stocks, especially Amazon which gained a little short of 5% while Apple jumped higher by more than 1%. The record levels set last Friday was largely contributed by the June jobs report that showed a healthy and stable recovery for the economy and the labor market.

Oil prices also retreated after reaching peak value not seen in years due to the discussions between OPEC members breaking down earlier this week, with United Arab Emirates and Saudi Arabia not giving an inch to each other. The meeting's original purpose was to increase the output to lessen the burden of increasing energy demand while the economic recovery is underway, however, it ended with no conclusion, causing further distress on the market making the oil prices higher that time.

Traders and investors are now waiting for the FOMC's meeting minutes for June in order to decide and get an idea how the central bank would maneuver with regards to the monetary policy adjustments as the economic recovery gets further emphasized. The meeting itself reflects the shift in outlook for majority of the Feds, and even the central bank agreed with the possibility of as much as two rate increase before the end of 2023.

Next week will be the start of the Q2 earnings report season, and analysts are very positive on the results as the vaccinations, business reopening and labor market recovery have all picked up in the last few months.

Tuesday's market ended as follows:
  • The Dow Jones Industrial Average down to 34,577.37 after losing 208.98 points or 0.60%.
  • The S&P 500 Index moved lower by 8.80 points or 0.20% and closed at 4,343.54.
  • NASDAQ Composite Index edged higher at 14,663.64 after eking gains of 0.17% or 24.32 points.
  • U.S. 10 Year Treasury yield is down by 6.1 basis points and at 1.3700%.
  • Crude is at $73.77 per barrel after losing 1.85% or $1.39.
  • Gold is currently at $1,797.30 an ounce after gaining 0.79% or $14.00.
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