The New York stock market registered a mostly negative picture, this Monday, 10, with a lower propensity among investors to bet on shares. In the middle of the day, the risk escape was exacerbated, with the Nasdaq entering correction territory, but later on, the movement was reversed and this index still managed a modest gain.
The Dow Jones Industrial Average closed down 0.45% to 36,068.87 points, the S&P 500 was down 0.14% to 4,670.29 points and the Nasdaq was up 0.05% to 14,942.83 points.
The recent advance in Treasuries rates continued to put pressure on shares of tech giants in part of the trading session, but there was an improvement in these shares in the final stretch of the day. Apple was up 0.01% and Microsoft was up 0.07%, while Alphabet was up 1.21%. Tesla posted a 3.03% gain, recouping recent losses and is now showing a slight rise this year.
US bond returns are supported by the prospect of monetary tightening by the Federal Reserve, with several banks and consultancies betting that the first US interest rate hike this year will come in March. This Monday, a Fed official, Tom Barkin, said that this is a possibility.
Oanda says in a report to clients that stocks in New York have been pressured by the prospect that the Fed will act quickly to raise rates, in the face of strong inflation – the US publishes new data on the price trajectory this week. According to Oanda, “all traders have read” Goldman Sachs’ assessment that the Fed could raise rates four times this year, in addition to starting to reduce its balance sheet.
Among other key roles, banks – which generally benefit from advances in Treasuries – had no single sign, with Citigroup up 0.38% and JPMorgan up 0.10% but Bank of America down 0. 51%. Boeing fell 2.87%, putting pressure on the Dow Jones index, and Caterpillar dropped 1.14%.
Game developer Zynga is up 40.67% after news that it will be acquired by Take-Two Interactive in a cash-and-stock deal with a market value of $12.7 billion.
*With information from Dow Jones Newswires
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