The key indicators of Wall Street ended the trading on Tuesday with a negative sign, ending a multi-day upward rally with successive historical highs, as the investors chose to keep a waiting position in view of the data that will be announced tomorrow for the inflation.
All three indexes lost ground, with the S&P 500 and Nasdaq concluding an impressive eight-day rally that followed a barrage of strong corporate results for the previous quarter and the approval of a new fiscal package to boost the economy on Friday. , the House of Representatives approved a package of investments in infrastructure projects totaling 1 trillion. which is expected to be signed by President Joe Biden in the coming days.
Investors are now waiting for the data to be announced tomorrow on inflation, which is expected to show a new jump in prices. The data released today showed that wholesale prices rose again in October, in a new indication that the upward pressures that have led to the largest increase in inflation for decades will not escalate soon.
In particular, the producer price index increased by 0.6% in October compared to September. Since January, wholesale prices have risen by at least 0.5% every month.
On an annual basis, the producer price index jumped 8.6%. This is the highest level since the index was restructured in 2009 and probably one of the highest measurements since the early 1980s.
Indicators – Statistics
On the board, the Dow Jones industrial average lost 112.24 points or -0.31% and closed at 36,319.98 points, while the broader S&P 500 fell 16.45 points or -0.35% to 4,685.25 points. The technology Nasdaq lost 95.81 points or -0.60% to 15,886.54 points.
Of the 30 stocks that make up the Dow Jones industrial average, 13 closed with a positive sign and 17 with a negative. The biggest gains were made by Nike with a rise of $ 1.97 or 1.15% and closing at $ 173.82, followed by Honeywell International with $ 227.75 with gains of 0.89% and Cisco Systems at 57, $ 44 with gains of 0.77%.
The biggest losses were recorded by Visa (-3.22%), Caterpillar (-2.07%) and IBM (-1.67%).
In business developments, shares of General Electric jumped 2.65% after the announcement of the industrial giant that it plans to split its activities into three separate companies that will be listed on the stock exchange.
On the other hand, Tesla shares recorded heavy losses as investors prepared for the possibility of a large sale of shares by the head of the automotive industry Elon Musk.
Shares plunged 11.9% in the wake of Musk’s unusual initiative to ask his Twitter followers if he should sell 10% of his stake in the company. Almost 58% were in favor of the sale.
For the rest of the day, the National Federation of Independent Business announced today that the Small Business Confidence Index fell 0.8 points to 98.2 points last month, the lowest level since March.
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