Deeper in the sell off Wall – 1.5% down the Nasdaq in the week

Away from the day low, but with sellers holding the reins in today’s trading, Wall Street went deeper into the sell-off on Friday, recording the worst session of the indices since 2020.

Investors weighed on jobs in the US in April amid growing fears of stagflation. Today’s losses locked the US market in the “red” and on a weekly basis, with the Dow recording the sixth consecutive 5-day with a negative sign and the S&P 500, the 5th.

The US market has shown in the last two days that it is completely unable to find mounds in the pressures, with investors liquidating their stocks en masse, while it is impressive that this move came after the rally that all 3 indices had on Wednesday, in the wake of the soft stance taken by Fed Chairman Jerome Powell.

“The much-anticipated easing rally observed in the stock and bond markets on Wednesday after being less aggressive than the Fed fears was short-lived,” Barclays strategic analyst Emmanuel Cau said in a note to the bank’s customers.

As he explained, “although an aggressive rate hike of 75 points has probably left the table, the previously announced monetary tightening cycle remains very aggressive, in our view.”

“The market has been confusing and volatile this week,” Keith Lerner of Truist Advisory Services said in an interview.

“Brake” in the free fall of the US stock market put the macroeconomic data of the day. In particular, the US economy continued to create new jobs in April despite the spike in inflation and persistent problems in global supply chains that continue to hamper the smooth running of business.

According to the data, the economy added another 428,000 jobs in April, a size similar to the previous month and better than analysts’ estimates of 380,000 jobs.

The job report “has something for everyone: a steady increase in jobs that supports economic recovery with less wage pressure, and possibly alleviating inflation fears,” said John Lynch, head of investment at Comerica Wealth Management.

“Investors need to trust the Fed that it will not raise interest rates too sharply and bring the economy into recession, trying to tame inflation. Today’s report was balanced and could mitigate the extreme volatility of recent days,” he said.

In the meantime, his performance 10 year US bond strengthened today by 5.8 basis points to 3.124%, which is the highest level since November 2018, according to Dow Jones Market Data. In the week, the 10-year-old added 23.9 basis points. The dollar recorded losses of 0.1%.

Indicators – Statistics

On the board, the Dow Jonesstarted the session with losses of 1.45%, which it finally finally picked up at 0.3% or 98 points at 32,899.37 points.

The enlarged S&P 500 fell 0.57% to 4,123.34 points, while intra-conference slipped to 1.8%. The technologically weighted Nasdaq accepted most of the pressure today with -1.4% at 12,144.66 points, while it fell to -2.6% at the beginning of the session.

In weekthe industrial index and the S&P 500 lost 0.2% each, while the Nasdaq fell 1.5%.

From 30 shares Dow Jones, 12 closed with a positive sign, with Chevron leading the profit as it strengthened by 2.66%. Of the 18 titles that ended the session with losses, the biggest drop was recorded by Nike (-3.48%) and American Express, Walmart and Walt Disney, which lost more than 2%.

Growth tech, which was hit harder by rising interest rates and bond yields, continued to fall today, with Amazon losing 1.40% and Facebook parent Meta at -1.17 % and Microsoft to decline by 0.94%.

The news from and since was also negative front of corporate resultswith the title of Under Armor falling by 23.79%, after the sportswear giant lost market estimates in its quarterly figures.

DoorDash, which disappointed with its performance, slipped 1.42% today, while Block added 0.61% despite its own lower-than-expected results.