After showing a lack of direction early in the session, stocks continue to show poor performance in daytime trading on Friday. Unstable trading takes place after the S & P 500 finishes its previous session at a new record high.
Currently, the key averages show different performances. The Nasdaq is up 12.25 points or 0.1 percent at 14,032.59, while the Dow is down 99.94 points or 0.3 percent at 34,366.30 and the S & P 500 is down 3.71 points or 0.1 percent at 4,235.47.
Traders appear to be reluctant to take significant steps ahead of the Federal Reserve Board’s monetary policy meeting scheduled for next week.
While the Fed is widely expected not to change monetary policy, traders are looking for clues that central banks are considering curtailing asset purchases.
Fed officials have repeatedly downplayed the risk of long-term inflation, according to a report yesterday from the Ministry of Labor, but consumer price inflation reached its highest level in almost 13 years in May.
Traders are likely to pay close attention to changes in the Fed’s comments on inflation, with earlier statements primarily due to “temporary factors” in rising inflation.
In US economic news, preliminary data released by the University of Michigan showed a greater rebound than expected in June’s consumer sentiment.
According to the report, the consumer sentiment index fell to 82.9 in May and then rose to 86.4 in June. Economists expected the index to rise to 84.0.
Reflects poor performance by a wider audience marketMost of the major sectors have shown little movement in daytime trading.
Gold stocks have fallen considerably since yesterday’s rebound, but the NYSE Arca Gold Bug Index has fallen 1.7%.
Gold inventories are weakening as precious metal prices fall as gold delivered in August has fallen from $ 14.20 to $ 1,882.20 per ounce.
Pharmaceutical stocks have also receded due to recent strength, with the NYSE Arca Pharmaceutical Index falling 1.3% after finishing its last session at a record high.
Meanwhile, the stock prices of brokerage firms have been strong on the day, and the NYSE Arca Broker / Dealer Index has risen 1.1%.
In overseas trading, the stock market in the Asia-Pacific region fluctuated in the trading on Friday. Japan’s Nikkei 225 index closed just below the unchanged line, but Hong Kong’s Hang Seng index rose 0.4%.
Meanwhile, all major European markets moved upwards that day. The UK’s FTSE 100 index rose 0.7%, while the German DAX index and the French CAC 40 index both rose 0.8%.
In the bond market, government bonds have shown a lack of direction after the uptrend in government bonds in the last few sessions. Since then, the yield on benchmark 10-year bonds, which move in the opposite direction of price, has risen below basis points to 1.464 percent.
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U.S. stocks continue to perform poorly
Source link U.S. stocks continue to perform poorly