Market wrapped higher as inflation worries got set aside; NASDAQ logging best session since August

CENTRAL, Hong Kong - Nov. 15, 2021 - PRLog -- The S&P 500, Dow, and Nasdaq all fell for the third day in a row. Supply limitations and increased gasoline demand have pushed prices higher for the previous seven weeks, driving West Texas intermediate crude oil futures near a seven-year high. Aside from oil, aluminum prices fell after reaching their highest level since 2008 on Monday, and copper prices fell after a nearly 2% increase.

For investors, the recent wide surge in commodity prices has posed a challenge to corporate profit margins. Companies have already been dealing with a slew of supply-side issues, such as port congestion and labor shortages, which are projected to stifle profit growth as the third-quarter results season approaches later this week and next month.

The August Job Openings and Labor Turnover survey, which will be released Tuesday morning, shows that job openings were near a record high at the end of the summer.

With the 10-year yield hovering near its highest level since June, rising interest rates have also heightened the prospect of higher borrowing costs for businesses. Other strategists recommended that investors consider the markets' near-term supply-related problems.

Tuesday changes are as follows:

• The Dow Jones Industrial Average decreased to 34,378.34 after losing 117.72 points or 0.34%.
• The S&P 500 Index moved lower by 10.54 points or 0.24% and closed at 4,350.65.
• NASDAQ Composite Index slumped to 14,465.93 after stepping down by 0.14% or 20.28 points.
• Crude up by $0.01 per barrel or 0.01% and now at $80.53 a barrel.
• Gold up to $1,761.60 an ounce after gaining $5.90 an ounce or 0.34%.
• The benchmark 10-year treasury yields decreased by 3.4 basis points to 1.5800%.

Worries about inflation are highlighted due to economic markets pointing out the crisis it brings. It is specifically apparent from the prices of crude, how it is spiking due to demand and all other factors, and such prices would greatly affect many things.

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