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US stocks turn to mixed performance after yesterday’s rally

Following the backlash seen in the previous session, stocks are changing with mixed performance during Wednesday trading. Technology-intensive Nasdaq is on the rise, while the Dow and S & P 500 are back.

Currently, the main average remains on the other side of the unchanged line. The Nasdaq is up 25.33 points or 0.2% at 12,062.11, while the Dow is down 128.14 points or 0.4% at 29,918.10 and the S & P 500 is down 9.31 points or 0.3% at 3,626.10.

Mixed performance on Wall Street comes because traders appear to be reluctant to make more important moves in uncertainty about the short-term outlook. market After the Dow and S & P 500 hit highs on Tuesday

Although bright these days, some traders are trying to cash yesterday’s profits Coronavirus Vaccine news continues to keep selling pressure relatively low.

Traders are also digesting a large amount of US economic data in a report from the Ministry of Labor showing that initial claims for US unemployment allowances increased unexpectedly in the week ending November 21st.

Initial unemployment claims rose to 778,000, up 30,000 from last week’s revised level of 748,000, according to the report.

This increase surprised economists who expected unemployed claims to drop from 742,000, which was originally reported last week, to 730,000.

Meanwhile, the US Department of Commerce said in a report that new orders for durable consumer goods manufactured in the United States increased more than expected in October.

Orders for durable consumer goods surged 2.1% in September and then 1.3% in October, according to the Department of Commerce. Economists expected durable consumer goods orders to increase by 0.9%.

Durable consumer goods orders surged 1.5% in September and then 1.3% in October, except for the increase in transportation equipment orders. Pre-shipment orders were expected to increase by 0.4%.

According to another report released by the Commerce Department, the third-quarter GDP surge has not been revised from initial estimates.

According to the Commerce Department, GDP plummeted 31.4% in the second quarter and then surged at an annual rate of 33.1% in the third quarter. The uncorrected reading on GDP was consistent with the economist’s estimate.

Another report from the Commerce Department showed that new home sales in the United States fell unexpectedly in October.

According to the Department of Commerce, new home sales increased 0.1% to the revised 10.2 million in September and then fell 0.3% to 999,000 annually in October.

Economists expected new home sales to increase 1.1% from the originally reported 959,000 last month to a rate of 970,000.

The Commerce Department also released a report showing the decline in US personal income in October.

According to the report, personal income fell 0.7% in October after rising 0.7%, which was revised downward in September.

Economists expected personal income to remain the same compared to the 0.9% increase initially reported last month.

Bank stocks fell sharply on the day, and the KBW Bank Index fell 1.9%. The index closed the previous session with the highest closing price in almost nine months.

Tobacco stocks also show considerable weakness, as reflected in the 1.5% decline by the NYSE Arca Tobacco Index.

Inventories of computer hardware, oil services and chemicals are also showing noticeable weaknesses, but gold inventories are skyrocketing.

In overseas trading, the stock market in the Asia-Pacific region fluctuated in the trading on Wednesday. Japan’s Nikkei 225 Index rose 0.5% and China’s Shanghai Composite Index fell 1.2%.

On this day, the major markets in Europe were also mixed. France’s CAC 40 index rose 0.1%, Germany’s DAX index fell 0.1%, and the UK’s FTSE 100 index fell 0.8%.

In the bond market, government bonds rose as traders digested a lot of US economic data. As a result, the yield on benchmark 10-year bonds, which move in the opposite direction of price, drops 1.5 basis points to 0.867%.

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US stocks turn to mixed performance after yesterday’s rally

Source link US stocks turn to mixed performance after yesterday’s rally

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