US stock market wraps up lower; indexes records 3rd day on losing streak
So much data has been digested about the economic recovery going underway, as well as the price increase for consumers and producers.
These further gave the investors the reason to stay away from growth stocks such as technology since they are the first ones to take the hit in case that inflation breaks out. Even cryptocurrencies are affected, as a sell off happened right after bitcoin (BTC-USD) sank to lower than $38,000 which is its lowest since February, along with ethereum (ETH-USD) sliding down to $3,800.
Equity market leaders are trying find the balance between value and cyclical shares and tech stocks, as traders are considering the possibility of a strong rebound from the economic activities. Not only that, they also still fear the possibility that the surge in activity would generate unexpected inflation that would weigh down the recovery.
Below are the major movements in stock market and treasuries:
• The Dow Jones Industrial Average dropped by 163.17 points or 0.48% and closed at 33,897.49.
• NASDAQ Composite Index wrapped at 13,299.74 which is only slightly lower by 3.90 points or 0.03%.
• The S&P 500 Index crashed at 4,115.79, decreasing by 12.04 points 0.29%.
• Japan’s Nikkei 225 went lower by 0.05% or 13.97 points and closed to 28,030.41.
• Hong Kong’s Han Sen stepped down at 28,330.31 points or 0.93% loss.
• U.S. 5 Year Treasury yield went down by 0.016 basis points or 1.89% at 0.845.
• U.S. 10 Year Treasury yield lost 0.012 basis points or 0.72% and ended 1.663.
Crude went up while metal went down for commodities. Global currencies on the other side wraps up mixed as market closed.
Commodities:
• Gold up to $1,868.99 per ounce after gaining $25.39 or 1.36%
• Silver currently at $28.26 per ounce with a 2.99% gain or $0.84.
• Western Texas Intermediate Crude climbed 0.21% and now at $63.49 per barrel.
• Brent crude at $66.65 per barrel after dropping by 0.02%.
Currency exchange looks like this on Wednesday:
• U.S. Dollar Index down by 0.02% at 90.18.
• Euro up by 0.03% closing 1.21790 vs USD.
• Yen decreased by 0.03% at 109.138 against USD.
• British Pound down by 0.04% at 1.4109 versus USD.
• Canadian Dollars lost 0.08% at 1.21179 vs USD.
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