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Dow Jones Falls, Nasdaq leads down as Janet Yellen warns of rising interest rates

The Dow Jones industrial average sold out in today’s market. Major indices traded close to intraday lows after Finance Minister Janet Yellen mentioned interest rates may need to rise to ensure the economy does not overheat. The Nasdaq led to a shortfall as technology stocks continued to decline on Monday.


Stock market today

Around 12:00 ET, the Nasdaq composite fell approximately 2.5%, leading to a drawback. The S&P 500 was trading about 1.2% lower, while the Dow Jones reported a loss of 0.5%. The Russell 2000 index with a small capitalization reported a loss of 2%. Volume on the NYSE and Nasdaq increased over the same period on Monday.

Shares opened lower on Tuesday and continued to slide in the morning trading. Finance Minister Janet Yellen’s comments also hampered key indexes. “Interest rates may need to be raised somewhat to ensure that our economy does not overheat,” she said during an economic seminar.

Concerns about inflation have arisen due to recent stimulus spending and rapid economic growth. Investors may want to monitor for possible inflation signals, including those seen in oil prices, copper prices and bond yields. Intermediate oil in West Texas rose nearly 2 percent to $ 65.70 a barrel, its highest price since March 15. Copper, meanwhile, has traded above $ 4.53 a pound and is now close to its record high of $ 4.54 in February 2011.

Bond yields support their 50-day moving average. The ten-year yield traded just 1.57% early on Tuesday. Yields retreated from the last peaks of nearly 1.76% at the end of March, the highest level since January 2020.

US Stock Market Today Overview

Index Symbol Price Profit / loss % Change
Dow Jones (0DJIA) 33976.59 -136.64 -0.40
S&P 500 (0S and P5) 4144,55 -48.11 -1.15
Nasdaq (0NDQC) 13543.02 -352.10 -2.53
Russell 2000 (Etc.) 222.45 -3.54 -1.57
IBD 50 (FAST) 45.71 -1.20 -2.56
Last updated: 12:32 pm ET 5/4/2021

Despite a strong profit season, the market cooled as the Dow Jones and S&P 500 withdrew from recent record highs. Meanwhile, the Nasdaq fell below a key area of ​​support in the 21-day exponential moving average.

While the stock market remained in a “confirmed uptrend”, the Big Picture column commented on Monday: “The price action in the major stock indices may look good, but the action below the surface has led to a challenging environment for growth investors. were not in sync with the market, and your portfolio is difficult to move forward, there is no point in being invested 100%. Allow the lagging behind and keep your best performers. money at this time. “

Profits under the light of Lyft, Virgin Galactic

As for the main income statements, investors expect revenue from I lift (LYFT) and Virgin Galactic (SPCE) due after the end of Tuesday. Lyft shares fell more than 6% as shares continued to fall below the 50-day mark. Virgin Galactic was close to 2%.

Elsewhere, a leader in digital education Cheg (CHGG) traded 0.5% lower after analysts’ first-quarter earnings target was missing and directed second-quarter earnings below Wall Street forecasts. Shares of Chegg fell 8.1% on Monday and fell below the 200-day moving average.

Finally, a logistics leader Freight Forwarders International (EXPD) retained a solid profit of over 2% after reporting a solid Q1 victory. The shares are trading just above the three-week buying point at 112.81. The company remains a leading shareholder in the group of transport and logistics industry, which takes advantage of the latest positive economic data in production.

Dow Jones Today

As for the Dow Jones industrialists, a handful of blue chips kept losses above 1%. Several technical and financial stocks have losses of over 3%; Apple (AAPL) and Salesforce.com (CRM) led down. Meanwhile, Goldman Sachs (GS) and Microsoft (MSFT) fell by more than 1.5% each.

Goldman Sachs is building a new flat base with a purchase price of 356.95, according to an analysis of the IBD MarketSmith chart. The shares are 3% of the entry. The stock maintains a strong rating of 85 RS and an almost perfect 98 composite rating.

Microsoft shares, meanwhile, traded near the bottom edge of the 5% buying zone after falling more than 2%. The shares remain in the range of purchase from a point of purchase with a flat base of 246.23. Shares of Microsoft have disappeared, although they exceeded analysts’ expectations last week at the top and bottom.

A small handful of stocks beat the trend and held back progress, inclusive Verizon Communications (VZ) and UnitedHealth (UNH) with profits less than 1% per piece.

Follow Fox on Twitter at @foxonstocks for more Dow Jones and market comments.


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