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Market wraps mixed; positive news about jobless claims cuts off S&P 3-day losing streak
Stocks ended mixed with S&P and NASDAQ finding some footing after grave losses from previous sessions due to concerns over potential changes on the monetary policies which was sooner than expected.
Because of this, the S&P 500 eked out gains for the first time in three sessions, along with NASDAQ that managed to shake off intraday losses. Only the Dow stayed below the red line to continue the losing streak. Yields fell back across the curve, with the 10-year benchmark yield sinking lower than 1.3%.
On other news, Robinhood shares fell after the earnings report was released by the trading platform, their very first ever since they went public, with the report clearly indicating slowdown in revenue on top of its seasonal weakness in Q3 trading. On the other hand, Nvidia rose by almost 6% after exceeding estimates for their Q2 guidance and revenue.
The pressure caused by the July meeting minutes of the Federal Reserve on the equity markets are still apparent. The minutes suggests when the tapering would take effect and how much of the current accommodating settings would be modified. Further discussions are necessary to finalize when the economy meets the goal called substantial further progress that would mark the start of tapering.
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