Dow Jones broke its 7-day winning streak by plunging ( -0.39%), closing at 32,825.95 index points. The S&P 500 dropped from its record high after taking a loss (-0.16%) to settle at 3,962.71 index points. However, Apple ended the trading section bullish as the Nasdaq led with a (+ 0.09%) to close at 13,471.51 index points.
The S&P 500 and Dow are still near their record highs, but there’s rising anxiety among investors that interest rates may continue to climb, reducing the chance of a bullish return for equities. The market price fall can be linked to the benchmark 10-year Treasury yield which briefly rose above 1.62% in the afternoon trading session.
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The US may be greatly affected by the outcome of the Fed’s meeting on Wednesday, investors await the outcome of the spotlight meeting, when Fed Chairman, Jerome Powell speaks to the press after the Fed’s two-day meeting.
- Subsequently, Nasdaq started the day bearish before making a bullish return on the back of Apple with an Increase of (+1.27%) to close $125.57.
- In the S&P 500, Ford Motors and General Electric dropped by (-5.38%) and (-1.5%) respectively.
- Telsa took a hit of (-4.39%) and closed at $676.88
- Alphabet is up 1.3% and 1.4% and Amazon is up 0.3%.
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Nasdaq Top Gainers
- Fintech Acquisition up (+42.58%) closed at $15.27.
- Lizhi up (+29.13%) closed at $13.61.
- New Fortress Energy up by (+26.31%) closed at $54.08.
- aTyr Pharma up by (+26.34%) closed at $6.14.
- Cyclo Therapeutics up by (+21.71%) closed at $12.39.
Nasdaq Top losers
- Oriental Culture down by (-35.81%) close at $5.97
- Solid Biosciences down by (-32.23%) close at $6.45
- Sigma Labs down by (-29.97%) close at $5.35
- Kaspien Holdings down by (-29.66%) close at $29.65
- Zynerba Pharma down by (-27.43%) close at $5.10.
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S&P 500 Top Gainers
- Ford Corp A up (+3.44%) closed at $44.17.
- Ford Corp B up (+3.29%) closed at $41.42.
- Applied Materials up by (+3.19%) closed at $118.54.
- Allegion PLC up by (+3.04%) closed at $121.35.
- Discovery A up by (+2.90%) closed at $75.81.
- S&P 500 Top losers
- Nov down by (-10.34%) close at $15.18.
- Macerich down by (-5.61%) close at $13.45.
- Ford Motor down by (-5.38%) close at $12.49.
- Freeport McMorran Cruises down by (-5.33%) close at $34.99.
- Royal Caribbean down by (-5.33 %) close at $89.52.
Outlook
- Despite the loss, market sentiments remain bullish across indexes.
- Growth stocks may be affected by Treasury bonds uptick.
- Investors awaiting the outcome of FED meeting this week.
- Increase in yield to 2.5% would make the bond more attractive than stocks.
