During Thursday’s trading day, stocks showed considerable volatility before the end of the session, but there was little change. After showing volatile fluctuations as the day progressed, the major averages closed slightly mixed.
Key averages indicate that a remarkable recovery is nearing its end, with tech-heavy Nasdaq rising 6.73 points (0.1%) to 11,370.96. On the other hand, the S & P 500 fell 5.10 points (0.1%) to 3,930.08, while the narrow Dow fell 103.81 points (0.3%) to 31,730.30.
Wall Street Volatility by Traders market The major averages fell to the worst levels in over a year and hit their bottom.
However, recent bargain hunting efforts have been largely hampered by concerns that the Federal Reserve will aggressively raise interest rates to counter rising inflation.
Traders have recently expressed concern that more aggressive moves by the Fed and other central banks could lead to stagflation and a complete recession.
In addition to concerns, the Ministry of Labor released a report this morning that the annual rate of increase in producer prices was slower than expected in April.
Economists expected a larger slowdown to 10.7%, but the report showed that annual producer price growth slowed from a record high of 11.5% in March to 11.0% in April. ..
Core producer prices, excluding food, energy and trade service prices, rose 6.9% compared to a year ago, reflecting a modest slowdown from the 7.1% surge seen last month.
Another report released by the Ministry of Labor unexpectedly showed a slight increase in initial claims for unemployment benefits in the United States during the week ending May 7.
According to the Ministry of Labor, initial unemployment claims reached 203,000, an increase of 1,000 from the previous week’s revised level of 202,000.
An economist surprised by this rise, who expected unemployed complaints to fall from 200,000 initially reported last week to 195,000.
Gold stocks fell sharply on the day, and the NYSE Arca Goldbug Index fell 4.4% to its lowest closing price in more than three months.
Gold stocks went on sale as precious metal prices plummeted and gold delivered in June fell from $ 29.10 to $ 1,824.60 per ounce.
Airline stocks also fell sharply, reflecting the 1.8% drop in the NYSE Arca Airline Index, the lowest in two months.
Meanwhile, housing inventories soared that day, with the Philadelphia Housing Sector Index rising 3.4%. The index rebounded after finishing the previous session at the lowest closing level in over a year.
Biotechnology stocks have also regained considerable ground, with the NYSE Arca Biotechnology Index soaring 2.2% after finishing the previous session at a low of more than a year.
In foreign trading, Thursday’s trading saw a significant drop in the Asia-Pacific stock market. Japan’s Nikkei 225 index plummeted 1.8%, while Hong Kong’s Hang Seng index plummeted 2.2%.
On that day, major European markets also fell. The UK’s FTSE 100 fell 1.6%, while the French CAC 40 index fell 1% and the German DAX index fell 0.6%.
In the bond market, the Treasury has expanded the uptrend seen in the last few sessions. As a result, yields on benchmark 10-year bonds, which move in the opposite direction of price, fell 10.4 basis points to 2.817 percent.
Transactions on Friday may be affected by reactions to reports on import and export prices and consumer sentiment.
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US stocks end very volatile session with little change
Source link US stocks end very volatile session with little change