After a record high on Friday, the S&P 500 fell for a second day, tech stocks dropped on Tuesday but gradually recovered, causing the wider market to sell-off. Home Depot, Chevron, and Goldman Sachs all fell 1.4 percent, dragging down the Dow Jones Industrial Average. The Dow Jones Industrial Average had its worst day since February.

After Monday’s decline, the S&P 500 fell 0.9 percent, but avoided a second consecutive 1 percent loss. The Nasdaq Composite was the relative outperformer of the day, closing just 0.1 percent after falling more than 2% at its session low.

Treasury yields increased, and the dollar fell to its lowest point of the year. Investors are looking for hints about the business outlook in the form of an inflation report and government bond auctions in the United States.

According to Dow Jones forecasts, the consumer price index in April will rise 0.2 percent from the previous month, reflecting a 3.6 percent increase over the previous year. This will be the biggest increase in the headline consumer price index since September 2011.

In April, the consumer price index except food and energy is forecasted to increase 0.3 percent, bringing the 12-month total to 2.3 percent. According to the Department of Labor, the consumer price index increased 0.6 percent from the previous month and 2.6 percent from a year earlier in March.

Investors are concerned about the possibility of inflation, but Federal Reserve Chair, Jerome Powell has stated that any increase in inflation is temporary.

Strategists encouraged investors to stay the course amid this week’s wild market swings. Following two days of losses, the S&P 500 is still up 10.5 percent for the year, though the tech-heavy Nasdaq’s gain has been reduced to 3.9 percent.

The Nigerian Stock Exchange market maintained a bullish recovery as the trading session begins this week. This surge was bolstered by gains made by PRESCO and MANSARD amongst others. The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

• Nigerian Stock Exchange market value currently stands at N20.5 Trillion. Its Year-to-Date (YTD) returns currently stand at -2.17%.
• The market closed positive with the bulls as MEYER led 17 Gainers, and 18 Losers topped by CHIPLC showing a hint of consolation.

Top gainers

1. MEYER up +9.62% to close at N0.57
2. PRESCO up +9.58% to close at N78.90
3. UNITYBNK up +9.09% to close at N0.60
4. UAC-PROP up +7.89% to close at N0.82
5. COURTVILLE up +5.00% to close at N0.21

Top losers

1. CHIPLC down -9.52% to close at N0.38
2. ROYALEX down -7.69% to close at N0.60
3. HONYFLOUR down -5.83% to close at N1.13
4. CUTIX down -4.98% to close at N2.10
5. FCMB down -3.97% to close at N2.90

Outlook

The Nigerian Stock Market maintained the recovery as MEYER and PRESCO made an appearance for the second consecutive time pushing the NGX ASI upwards at the end of the trading session today.

• Market sentiments tend toward a bullish momentum as the NGX ASI closed with 17 Gainers and 18 Losers.
• Nairametrics advises cautious buying in this era of growing uncertainties.