Wall Street kicks off a much less roller coaster week

Texas News Today

FILE PHOTO: Wall Street road signs can be seen outside the New York Stock Exchange (NYSE) in New York City, NY, USA, June 28, 2021. Reuters / Andrew Kelly / FILE PHOTO

September 17, 2021

steven criminal

NEW YORK (Reuters) – Friday’s sharp sell-off in US stocks, strong economic data, concerns about corporate tax hikes, the prospect of a shift to delta COVID variants and a tapering timeline for the US Federal Reserve Board ended a sexless week. property purchase.

Higher yields from the US Treasury put pressure on market-leading growth stocks, squeezed the Nasdaq Composite and lowered all three major US stock indexes.

He also posted a weekly loss as the S&P index suffered its biggest two-week decline since February.

David Carter, chief investment officer at Lennox Wealth Advisors in New York, said:

Carter said, “The stock market is slightly weaker today due to weak consumer sentiment data. “There are concerns that delta variants may slow economic growth.”

A potential corporate tax hike could also hit the market, with leading Democrats trying to raise corporate tax rates to 26.5% from the current 21%.

According to a report from the University of Michigan, consumer sentiment has remained stable this month, but is depressed as Americans postpone purchases while inflation remains high.

Inflation could be a big issue when the Federal Open Market Committee holds a two-day monetary policy meeting next week. Market participants are watching closely for changes in specifics that could indicate a change in the Fed’s slimming timeline.

Bill Northey, senior investment director at US BankWealth Management in Helena, Montana, said:

The Dow Jones Industrial Average fell 166.44 points (0.48%) to end at 34,584.88. The S&P 500 was down 40.76 points, or 0.91%, at 4,432.99. The Nasdaq Composite fell 137.96 points (0.91%) to end at 15,043.97.

The S&P 500 ended below the 50-day moving average. This has proved to be a fairly solid level of support in recent history.

(50-day moving average for S&P 500 flirt graphic – https://fingfx.thomsonreuters.com/gfx/mkt/mopankqmbva/Pasted%20image%201631892826338.png)

Of the S&P 500’s 11 key sectors, all except healthcare ended in the red, with materials and utilities having the biggest percentage declines.

COVID vaccine makers Pfizer Inc. and Moderna Inc. fell by 1.3% and 2.4%, respectively, as US health officials discussed booster doses at an independent panel of experts.

US Steel Corp cut 8.0% after announcing a $3 billion minimill investment plan.

Robinhood Markets Inc rose 1.0% after Kathy Wood’s ARK Investments bought $14.7 million worth of shares on the trading platform.

Volume and volatility skyrocketed at the end of the session, due to “triple witching”, the simultaneous expiration of quarterly stock index futures, stock index futures and stock index options contracts.

The US exchange had a trading volume of 15.51 billion shares, with an average of 9.70 billion shares in the past 20 days.

On-going problems at the New York Stock Exchange have resulted in a reduction of the ratio of 1.97:1. On the Nasdaq, a 1.00 to 1 ratio favored Advancer.

The S&P 500 has announced seven new 52-week highs and two new lows. The Nasdaq Composite posted 67 new highs and 82 new lows.

(Reporting by Steven Culp, additional reporting by Crystal Fu in New York and Amber Warwick in Bangalore, edited by Richard Chan)

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