S&P 500 reclaims 3900 but remains negative, and the Dow Jones drops more than 150 points on risk aversion By christianborjon SP500 DowJones Nasdaq Sentiment
The S&P 500, the Dow Jones, and the Nasdaq recorded losses amidst a risk-aversion environment.
Nothing would stop the Fed from hiking as Kansas City Fed’s George said that the rough markets wouldn’t alter the rate hike plan. The US Dollar Index is falling more than 1.50%, dragged down by falling US Treasury yields; gold rallied.recovered some ground during the day but remain set to finish with losses, despite investors’ efforts of a last-hour rally. At the time of writing, the S&P 500, the Dow Jones Industrial, and the heavy-tech Nasdaq Composite record losses between 0.13% and 0.70% and sits at 3,904.92, 11,398.96 and 31,268.98, respectively.
Sentiment remains dismal, emphasized by the stagflation scenario surrounding the global economy. China’s coronavirus crisis continues as local outbreaks increase concerns of additional lockdowns. Also, high inflationary pressures have taken their toll on big US retailers, such as Walmart and Target, which expressed that their margins shrank due to elevated prices.
Sector-wise, the gainers are Materials, Consumer Discretionary, and Energy, up 1.23%, 0.84%, and 0.69%, respectively. The worst performers are Consumer Staples, Financials, and Technology, falling 1.74%, 0.54%, and 0.50% each.
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