LAST UPDATE 21:20
Key Wall Street indexes continued to lose ground on Monday, with caution as investors struggled to assess the central banks’ next steps in adjusting their policies amid a frantic inflation rally in recent months.
U.S. market indices lost ground last week for the first time in five weeks, in the wake of data showing annual inflation soared to 6.2% in October. scoring high 31 years.
Concerns about inflation are expected to remain in the spotlight this week after a University of Michigan survey released Friday showed that the price rally has hit US households, leading to consumer confidence at a 10-year low.
Investors, meanwhile, are awaiting US President Joe Biden’s decision on the person who will lead the Federal Reserve to the historic turning point it is expected to make in the near future, abandoning easing programs and zero-interest policies to fight inflation.
The US president is expected to re-nominate Fed chairman Jerome Powell or elect a new board member. Lael Brenard, with the relevant announcements expected within the week.
Indicators – Statistics
On the board, the Dow Jones industrial average lost 13.96 points or -0.04% at 36,086.35 points, while the broader S&P 500 fell 4.94 points or -0.10% to 4,678.06 points. The technology Nasdaq loses 55.62 points or -0.35% to 15,804.49 points.
Of the 30 stocks that make up the Dow Jones industrial average, 12 are moving with a positive sign and 18 with a negative one. The biggest gains were made by Boeing with gains of $ 11.87 or 5.37% at $ 232.83, followed by Chevron at $ 116.87 with an increase of 2.31% and Cisco Systems at $ 57.30. with gains of 0.84%.
The biggest losses are recorded by UnitedHealth Group (-1.38%), Walt Disney (-1.17%) and Salesforce (-1.11%).
In Europe, the head of the European Central Bank Christine Lagarde told the European Parliament today that the central bank expects inflation to slow down from next year, although it will take longer than originally planned to decline.
At the end of the day, data released today by the Federal Reserve Bank of New York showed that manufacturing activity in the state of New York expanded at a rate that exceeded analysts’ estimates.
In particular, the index for business conditions climbed to 30.9 points from 19.8 points last month, surpassing analysts’ estimates in a Bloomberg poll.
The price index strengthened to 50.8 points, climbing to the highest level since 2001 in a new sign that inflationary pressures remain strong.
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I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
