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.
CENTRAL, Hong Kong - Aug. 31, 2021 - PRLog -- The positive news was brought by the new data from the labor market which help show the results of economic recovery. Jobless claims drastically fell from last week's count, falling to the levels similar to that of March 2020, suggesting that the Federal Reserve's assessment with the progress is correct.

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.

Stock Market and Crypto Currency Market movements posted are follows:
  • NASDAQ Composite Index stepped up to 14,541.79 after gaining 0.11% or 15.87 points.
  • The Dow Jones Industrial Average closed at 34,894.12 and went down by 0.19% or 66.57 points.
  • S&P 500 Index moved higher by 0.13% or 5.53 points and wrapped at 4,405.80.
  • U.S. 10 Year Treasury yield now at 1.2420%.
  • Gold stepped down by 0.10% or $1.70 and now at $1,782.70 an ounce.
  • Crude tripped by 2.17% or $1.42 at $64.04 per barrel.
  • Bitcoin (BTC) - $49,999.76
  • Etherium (ETH) - $3,330.53
  • Ripple (XPR) - $1.24
  • Bitcoin Cash (BCH) - $686.06
  • LiteCoin (LTC) - $188.68
Cryptocurrencies have been on a roll lately, inching higher and higher day-by-day. However, there are still hints of downtrend so day traders are still playing cautious as crypto market most is unprecedented.

For more latest news in US Stock Market and Crypto Currency you may also visit us at Acorns Capital Management Limited through our website or contact us via email.

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