U.S. Stocks ended mixed after big time selloff led then again by Nasdaq
Hwang is a trader of Tiger Management, and his USD30 billion hedge fund shocked and affected investors from all around the globe. Traders now can’t make heads or tails of the situation as they cannot determine if the fire-sale would continue or it is done.
Futures on NASDAQ, S&P 500 and the Dow fell somewhere between 0.4% and 0.6%, which would mean lower starting indexes later.
NASDAQ Composite index under-performed, tripping down by 0.60% or 79.08 points, closing with 13,060. NASDAQ’s performance today was heavily impacted by two things: the unexpected sell-off and the continuous rise of Treasury yields. This kept NASDAQ running below the 50 day line and the resistance it is facing is quite crucial, which means they’ll have to get past it to continue the upward trend.
S&P 500 index dipped down by 0.09% or by 3.45 points and ended with 3,971. This marked the end of their two day winning streak. It is still performing better for is 52-day range keeping the positive trend. The Dow Jones Industrial Average gained 0.30% or 98.49 points, closing with a new record high at 33,171. Amongst the Dow Jones leaders, Microsoft suffered a setback of 0.5% while Apple hit it big with 0.15% increase. Meanwhile, Russell 2000, a small-cap, declined by 2.8% on its 50 day line and found resistance.
The 10-year Treasury yield continues its upward movement, stepping up 3.67% to 1.721, which is only shying a bit away from its record high. This trend greatly affects tech stocks as higher yields means lesser gains on the said market.
On commodities, Oil, Gold and Silver all seemed to have tumbled down. Oil tripped by 0.24% down to 61.41, Gold
slipped down by 0.53% to 1,703.10 and Silver deflated by 0.81% and is now at 24.57, stepping down of the 25 mark.
Here’s a quick overview for your convenience:
• NASDAQ down by 0.60% to 13,060
• The Dow gained 0.30% to a new record high at 33,171
• S&P 500 slipped by 0.09% at 3,971
• Russell 2000 tripped 2.8% at 2,159
• Crude Oil dipped 0.24% at 61.41
• Gold now at 1,703.10
• Silver at 24.57
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