Sun. Jul 14th, 2024

Wall Street live US stock markets fall: Dow -0.4%, Nasdaq -0.3%. Treasury yield hits 4.29%

By b0oua Mar 16, 2024
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The market is frightened by Fisker. MicroStrategy is persisting in its purchase of bitcoin. UBS lowers its target price for Tesla. After a string of record weeks, Nvidia has been down. Robinhood’s success can be attributed to the increase in trading volumes.

With the Dow Jones index falling 0.35% to 38,907 points, the S&P 500 falling 0.22% to 5,154, and the Nasdaq falling 0.3% to 16,129, Wall Street brings the day to a conclusion with a negative performance. Treasury yields increased as a result of the release of data on wholesale inflation in the United States that was higher than expected. The benchmark 10-year bond in the United States gained 10 basis points, reaching 4.29%. Meanwhile, Nvidia shares concluded the day under pressure.

The stock markets in the United States originally demonstrated a high degree of resilience; however, in the hours that followed the opening, they lost strength, and expectations regarding a rate cut decreased.

A 0.6% increase was seen in the producer pricing index for the month of February. Excluding the cost of food and energy, the core index increased by 0.3% in the month of February. In terms of the core statistics, economists had anticipated a 0.2% gain, while the main index was anticipated to increase by 0.3%.

The Dow Jones, the S&P 500, and the Nasdaq Composite are all trading lower at 5.30 p.m., with the Dow Jones falling by 0.19%, the S&P 500 falling by 0.26%, and the Nasdaq Composite falling by 0.46%.

The data from the Department of Commerce indicates that the inventories of corporations in the United States remained steady on a monthly basis in January, when seasonally adjusted terms were taken into consideration. The data came in at +0.3% month-over-month, which was lower than the consensus of economists.

When it comes to the business side of things, it is important to note that SpaceX’s third effort at launching a test for the Starship was successful.
Dollar General, on the other hand, finished the fourth quarter of 2023 with results that were considerably better than what was anticipated. This was supported by an increase in the demand from customers.

At the beginning of the trading day on Thursday, March 14, the American stock markets began with a cautious increase, but they quickly reversed their direction and traded below parity. At 5.20 p.m., the Dow Jones experienced a loss of 0.35 percent, the S&P 500 had a loss of 0.4 percent, and the Nasdaq experienced a loss of 0.45 percent. In contrast, the exchange rate between the euro and the dollar is currently at 1.088 (-0.54%), while the yield on 10-year Treasuries has increased to 4.28% (+0.1%). With Brent selling at 85.2 dollars a barrel, an increase of 1.4%, and WTI trading at 81.1 dollars, an increase of 1.8%, the price of oil continues to rise.

The data that was released today on producer prices in the United States reveal that there was a monthly increase of 0.6% in February. This is a higher figure than the expectations that were provided by analysts, who had anticipated an increase of 0.3%, which is comparable to the increase that occurred in January. The rate of growth was 1.6% when compared to the same time period in 2023.

When compared to January, retail sales in February increased by 0.6%, which was lower than the estimates of a year-over-year gain of 0.8% and 1.5% respectively. Finally, during the week that ended on March 9, the number of workers who expressed interest in receiving unemployment benefits dropped to 209 thousand, representing a loss of one thousand units. It was anticipated that there would be 218 thousand requests. Watch out for these five stocks on Thursday, March 14th.

Friday marked the end of Wall Street’s second consecutive week of losses, during which it gave back some of the gains that had contributed to the stock market reaching an all-time high earlier in the week.

A decline of 0.6% brought the S&P 500 to its third consecutive loss. Tuesday was the day that the benchmark index reached a new all-time high, but in the days that followed, it primarily fluctuated.

The Nasdaq composite finished with a loss of 1%, while the Dow Jones Industrial Average experienced a decline of 0.5%.When it came to the market, the most significant weights were technology stocks. After providing investors with a dismal sales projection, software manufacturer Adobe had a decline of 13.7%. Both Microsoft and Broadcom had a decline of 2.1%.

In addition, stocks of communication services contributed to the market’s downward movement. In addition, Alphabet, the parent company of Google, experienced a decline of 1.3%.

An overall decline of 33.39 points brought the S&P 500 down to 5,117.09. The Dow Jones fell by 190.89 points, reaching 38,714.77, while the Nasdaq experienced a down of 155.36 points, reaching 15,973.17.

The most recent decline in stock prices occurred as investors were reviewing a number of studies that demonstrated that inflation, despite widespread declines, continues to be resistant.

The University of Michigan published a survey that was highly followed, and it revealed that consumer sentiment unexpectedly decreased in the month of March. In spite of the fact that consumers’ expectations regarding the economy have become slightly less hopeful, they continue to anticipate that inflation will continue to fall, which may be an indication that consumer prices will gain control.

Wall Street continues to be quite concerned about inflation, despite the fact that there is optimism that the Federal Reserve will begin reducing interest rates. Beginning in 2022, the Federal Reserve made a significant increase in interest rates in an effort to get inflation back down to the 2% objective it had set. As high as 9.1% was the degree of inflation experienced by consumers in the year 2022.

This week, a report on consumer prices revealed that inflation continues to be obstinate, with the most recent reading coming in at 3.2% in February, up from 3.1% in January. A further study on pricing at the wholesale level revealed that inflation is still higher than what Wall Street anticipated it would be.

A number of other indicators released this week demonstrated a little deceleration in the economy, which strengthened expectations for a sustained and long-term reduction in inflation.

During the month of March, investors are attempting to assess the future course of action for inflation, the Federal Reserve, and the economy. This surge for equities began in October and has practically come to a halt.

It is possible to find a reason to be concerned about equities by looking in either direction, according to Brian Nick, a senior financial strategist at The Macro Institute. “You can kind of look in either direction and find a reason to.”

According to him, investors should continue to be concerned about the delayed impact that the Federal Reserve’s past rate hikes have had on the economy. Although the economy as a whole is currently doing well, there are indications that it is beginning to slow down, which may indicate that a recession is still a possibility.

According to what he observed, “things happen more slowly than investors have come to process.” A significant amount of time has passed since investors have priced in the possibility of policy lag exerting a downward pull.

On Wednesday, following their most recent policy meeting, Federal Reserve officials will provide their most recent projections for the direction in which they believe interest rates will move this year. Traders continue to have a preference for a reduction in interest rates in June, as indicated by data provided by CME Group. Since 2001, the Federal Reserve has maintained its main rate at its highest level.

Since July 2023, the central bank has maintained the benchmark rate at its current level. In the past, the central bank has indicated that it anticipates three rate reductions in 2024. The economy and the banking system would experience less strain if interest rates were lowered.

There was a little increase in bond yields. In the late hours of Thursday, the yield on the 10-year Treasury note increased to 4.31%, up from 4.29%. A rise of 4.73% from 4.69% was seen in the yield on the 2-year Treasury note.

A number of businesses were hampered by their lackluster financial projections. As a result of providing investors with a dismal earnings outlook for the year, the beauty products retailer Ulta Beauty experienced a decline of 5.2%. As a result of lowering its revenue forecast for the year, the electronic manufacturer Jabil experienced a decline of 16.5%.

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