Major Indices wraps lower as most stocks retreat form record levels

And while some of the investors continue to wait for the Federal Reserve’s policy meeting to conclude, most were driven by the new print which caused the market to take another dip.

The US Federal Reserve started a 2-day policy meeting to discuss the June monetary policy which is being anticipated by most investors as this will give them an idea when the banks will roll-back the current interest rates. They are also expecting that the Feds discuss the tapering of the current asset purchase program which is at $120 billion a month.

Still, the market’s performance for the past few sessions showed that they’ve manage to shake off the fear for an increase in the interest rates. Fresh record highs were recorded a day prior which reflects resurgence on the tech stocks as well as the positive movement on the market.

Today, however, was affected by the print on consumer spending. The Dow Jones Industrial Average observed losses and landed at 34,299.73, dropping by 0.27%. The S&P 500 Index fell back from record levels after losing 0.20% or 8.48 points. NASDAQ Composite Index dropped by more than 0.70% or over 100 points following the market’s movement.

Below is an overview of the market’s movement as of this writing;

• The Dow Jones Industrial Average down to 24,299.73 after losing 94.02 points or 0.27%.
• The S&P 500 Index dipped by 8.48 points or 0.20% and closed at 4,246.67.
• NASDAQ Composite Index edged lower at 14,072.86 after losing 0.71% or 101.29 points.
• U.S. 10 Year Treasury yield is down by 0.2 basis points and at 1.4990%.
• Crude is at $72.23 per barrel after gaining 1.90% or $1.35.
• Gold is currently at $1,860.00 an ounce after losing 0.32% or $5.90.

The Dow is currently on a 2-day losing streak and out of the 30 components, 21 of them fell today and only 9 ended on the green. Biggest losers on the Dow are JPMorgan Chase & Co. and Salesforce.com, Inc. which both dropped by 1.5%.
NASDAQ and S&P, on the other hand, clipped their 3-day winning streak. NASDAQ being pulled down by large-cap tech stocks and its weak performance, while S&P sectors had six sectors ending lower out of eleven.

For more financial and investment related news do visit us at our website Hanson Capital Limited or contact us thru email.