Stock prices rose at the start of trading on Friday, but receded in the morning. The key averages lowered the highs for young sessions and returned to the negative territory.
Currently, the major averages are recording moderate losses. The Dow is down 135.41 points or 0.4 percent to 34,743.97, the Nasdaq is down 3.73 points or 10 percent to 15,244.52, and the S & P 500 is down 8.62 points or 0.2 percent to 4,484.66.
Wall Street’s first strength was in its fourth consecutive session on Thursday, when traders tried to raise stocks at a slightly lower level after the Dow and S & P 500 closed down.
The Dow closed Thursday with the lowest closing price in a month, and all major averages are now low that week.
However, buying motivation remained somewhat restrained as traders continued to raise concerns about the economic implications of the Delta variant.
Traders may also be wary of making significant moves ahead of the Federal Reserve Board’s next monetary policy meeting later this month.
The Fed may provide up-to-date information on planning asset purchase programs, but signs of a recent slowdown in the economy could help central banks taper.
In US economic news, the Ministry of Labor released a report showing that producer prices in August were slightly higher than expected.
According to the Ministry of Labor, the producer price index for final demand rose 0.7% in August after rising 1.0% for the second straight month. Economists expected producer prices to rise by 0.6%.
Excluding food, energy and trade service prices, core producer prices rose 0.3% in August, following a 0.9% rise in July. Core prices were expected to rise 0.4%.
Tobacco stocks are showing a significant downtrend, with the NYSE Arca Tobacco Index down 2.7%. The index continues to recede after hitting a high for the first time in almost three years on Tuesday.
Airline stocks also show significant weakness, as reflected in the 1.7% decline from the NYSE Arca Airline Index. A pullback occurred after the index surged 2.6% on Thursday.
Meanwhile, semiconductor stocks fell from their highest levels, but the Philadelphia Semiconductor Index rose 1.2%, continuing to show remarkable strength on the day.
In overseas transactions, stocks market During the trading on Friday, the Asia Pacific region as a whole rose almost. Japan’s Nikkei 225 index rose 1.3% and Hong Kong’s Hang Seng index rose 1.9%.
Meanwhile, the major European markets were mixed on the day. France’s CAC 40 index fell 0.1%, Germany’s DAX index rose 0.1%, and the UK’s FTSE 100 index rose 0.2%.
In the bond market, government bonds have receded after a significant rise in the previous two sessions. After that, the yield on the benchmark 10-year bond, which moves against the price, rose 3.2 basis points to 1.331 percent.
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U.S. stocks turn negative after the first upward move
Source link U.S. stocks turn negative after the first upward move