Market wraps a bit lower; concerns over recovery sparking, caused pull back

Stocks retreated from record levels after concerns over economic recovery surfaces. Investors turned nervous due to the recent COVID surges, especially its impact while the recovery is underway, some thought it may cause veer the progress.
CENTRAL, Hong Kong - July 13, 2021 - PRLog -- Concerns were initiated after Japan made a proposal about re-instating a state of emergency with the upcoming Tokyo Olympics.

All major indexes ended up with losses, with all of them pulling back by more than 1% at session lows. The previous sessions were driving gains due to the concerns about inflation and monetary policy change subsided, but now that another concern is brought forward, the market's direction remains unknown whether this is going to be short-term or not. Even the 10-year Treasury yield dropped, which reflects a part of the inflation concern abating and a part of the rising concerns over sustainability of the recovery.

Updated data regarding the economic recovery is also mixed, with job opening consistently going up, while jobless claims, which was released today, unexpectedly showed an increase. The number of claimers and new filers are still higher than what was recorded prior to the pandemic. These concerns were addressed at the Federal Reserve's meeting, and it was stated on the minutes that such items, as well as other concerns pertaining to the economic recovery, are the reasons why the officials of the central bank are still gunning for keeping the current low interest rates and asset purchase program as is.

Thursday's performance can be summarized as follows:
  • NASDAQ Composite Index stepped down to 14,599.79 after losing 0.72% or 105.28 points.
  • The Dow Jones Industrial Average closed at 34,421.93 and went down by 0.75% or 259.86 points.
  • S&P 500 Index moved lower by 0.86% or 37.28 points and wrapped at 4,320.85.
  • U.S. 10 Year Treasury yield moved down to 1.2880%.
  • Gold stepped up by 0.03% or $0.50 and now at $1,802.60 an ounce.
  • Crude jumped higher by 1.23% or $0.89 at $73.09 per barrel.
Cryptocurrencies are still undergoing the downward trend, as they have yet to recover from the hit brought by China's tightening policy. Here's the 5 major cryptocurrencies and their value at the moment:
  • Bitcoin (BTC) - $32,975.24
  • Etherium (ETH) - $2,120.97
  • Ripple (XPR) - $0.6155
  • Bitcoin Cash (BCH) - $483.77
  • LiteCoin (LTC) - $130.24
Want to know more of the latest news in US Stock Market and Crypto Currency kindly visit us at Prime Bright Investment Limited through our website or contact us via email.

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