Major stock indexes on Wall Street hit mixed signs on Thursday, after the sell-off, mainly in technology stocks, which fueled data on inflation and the increase in government bond yields in the US on Wednesday.
On the dashboard, the industrial Dow Jones fell by 158.71 points or 0.44%, to 35,921.23, with the widest S&P 500 to gain 2.65 points units or 0.06%, at 4,649.36, while the technological Nasdaq recorded an increase of 81.6 points or 0.52%, to 15,704.30.
“We will have these ups and downs when macroeconomic indicators are announced that shock markets somewhat, as happened with inflation yesterday,” said Yung-Yu Ma, chief market strategist at BMO Wealth Management.
Technology companies rallied on Thursday as rising US government bond yields put pressure on their shares. Nvidia gained 3.2%, while AMD 4.4%.
Shares of giants such as Facebook parent company Meta and Google parent company Alphabet also moved higher.
Shares of commodity producers in the S&P 500 hit a record high as investors “bet” on the persistence of inflationary pressures.
The share of the Freeport-McMoRan mining company gained more than 9%, while that of the Nucor steel company increased by 2.7%.
Disney, on the other hand, fell more than 7% after disappointing quarterly earnings and profits. The number of subscribers to the Disney + platform also disappointed with the predictions.
The US consumer price index rose 6.2% year-on-year on Wednesday on Wednesday, the highest level in 31 years.
“Inflation remains persistently high, in defiance of estimates that prices would fall sooner,” said Ryan Detrick, head of market strategy at LPL Financial. “The truth is that it is not possible to close a $ 20 trillion economy and not experience some turmoil when it restarts, but we hope that supply chain issues will begin to be resolved in the coming quarters, when inflation will begin. to retreat as well. ”
Following the announcement of US inflation data yesterday, traders revised their estimates of how quickly the country’s Federal Reserve will proceed with the first post-pandemic rate hike. It is now predicted by the market that it will happen in July 2022.
Of the 30 Dow shares, 12 traded positive and 18 traded negative. The profits were led by those of Wallgreens Boots Alliance, Dow Inc. Salesforce, while those losses of Walt Disney, Visa, Honeywell.
The bond market was closed today due to the Veterans Day holiday in the USA.