Stock market loses momentum before closing; major indices sided negatively

Investors continue to dilly dally as they digest mixed data on economic recovery of the U.S. plus the meme stocks that suddenly resurged a few days ago.

The labour department are still trying to get past the warming up phase as they continue to try and fill out the positions needed to get settings back to pre-pandemic levels. The S&P 500 hovered close to record level intraday only to miss and drop to negative, along with NASDAQ which performed well and mostly gaining intraday then suddenly dropped. The Dow, on the other hand, lost more than 150 points after market wrapped.

On the positive side of things, a stock rally fuelled by social media happened within the session, giving another boost to meme stocks as well as the relatively newer stocks such as WEN (Wendy’s food chain), WISH (e-commerce company), AMC (AMC Entertainment shares), CLOV (Clover Health firm) and others.

Here’s a bit of the main movements in the Market this Wednesday, 4:00 p.m., New York time;

Stocks:
• The Dow Jones Industrial Average deflated to 34,447.14 with a decrease of 152.68 points or 0.44%.
• NASDAQ Composite Index slightly lower by 13.16 points or 0.09% and ended 13,911.75.
• The S&P 500 Index was little changed at 4,219.57 after losing 7.69 points or 0.18%.
• Japan’s Nikkei 225 gained by 0.34% or 97.76 points and closed to 28,958.49.
• Hong Kong’s Han Sen stepped down at 28,738.89 points or 0.01% loss.
• U.S. 2 Year Treasury yield decreased by 0.008 basis points or 5.10% and closed at 0.147.
• U.S. 5 Year Treasury yield went down by 0.013 basis points or 1.92% at 0.737.
• U.S. 10 Year Treasury yield lost 0.015 basis points or 1.02% and ended 1.479.

Crude went up while metal went down for commodities. Currencies are mixed, some stayed on the flat.

Below are the current movements as of this writing;

• Gold up to $1,893.89 per ounce after gaining $5.21 or 0.27%
• Silver currently at $27.92 per ounce with a 0.53% gain or $0.15.
• Western Texas Intermediate Crude climbed 0.53% and now at $70.33 per barrel.
• Brent crude at $72.62 per barrel after jumping by 0.55%.
• U.S. Dollar Index flat at 90.12.
• Euro down by 0.04% closing 1.21741 vs USD.
• Yen decreased by 0.12% at 109.477 against USD.
• British Pound up by 0.37% at 1.4165 versus USD.
• Canadian Dollars lost 0.12% at 1.20955 vs USD.

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