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market reviews. The New York Stock Exchange, at the end of the session, lost the little momentum it found and closed slightly lower on Wednesday, especially pushed into the red by the energy sector.
Fears of weak demand from higher interest rates dragged the energy sector down on the Toronto Stock Exchange on Wednesday and forced the trading floor’s benchmark index to close lower, with inflation hitting a nearly 40-year high in May.
To re-consult market news
Stock market indices at close
in Toronto, a S&P / TSX It fell 253.25 points (-1.32%) to 19,004.04 points.
in New York, a S & P500 It fell 4.90 points (-0.13%) to 3759.89 points.
The Nasdaq It closed down 16.22 points (-0.15%) at 11,053.08 points.
The daw It fell 47.12 points (-0.15%) to 30,483.13 points.
The color It fell $0.0018 (-0.2333%) to $0.7724.
The oil It fell $5.21 (-4.76%) to $104.31.
He went It rose $1.10 (+0.06%) to $1,839.90.
The Bitcoin It fell 951.46 USD (-4.56%) to 19,913.12 USD.
Angelos Corcavas, Edward Jones replied, “The market was hesitant today, which is not surprising, because the story he tells himself has not changed.”
After opening lower, indices rallied throughout the day before running out of steam.
“Overall, the fact that we finished this day without erasing a significant portion of the gains from yesterday (Tuesday) is a victory,” said Art Hogan, of National Securities.
Much of the meeting was occupied by a hearing of the US central bank chief, Jerome Powell, before the Senate Banking Committee.
The official reiterated his determination to fight inflation, saying a recession, due to the Fed’s monetary brakes, was “a possibility.”
But Jerome Powell said, “We’re not trying to cause a recession, and we don’t need it.” “First of all, we believe it is absolutely necessary to restore price stability, which will benefit the labor market.”
Art Hogan said, “I don’t think Powell said anything new, which is often the case in congressional hearings. So tomorrow[a House committee hearing]it should be the same.”
“The fact that cyclical stocks and the energy sector are all down is, in my opinion, investors are concerned about growth as recession risks come in,” Angelos Corcavas said.
Among the cyclical stocks, more sensitive to the economic cycle than the average, construction vehicle specialist caterpillar (cat) (-4.35%) or tractor and mower manufacturer John Deere (DE) (-3.44%) They both declined.
As for the energy sector, it was undermined by the decline in oil and raw materials prices in general. vector ExxonMobil (XOM) (-3.96%) and Chevron (CVX) (-4.35%) for the iron industry US Steel (USSX34.SA)(-2.70%) or gas group Chener (LNG) (-4.44%) They tested the sequencing poorly, just like mining Freeport McMorran (FCX) (-7.96%).
On the other hand, the so-called defensive stocks, which are less sensitive to the economic situation, resisted, like the entire pharmaceutical sector, whether Merck (MRK) (+ 1.28%), JiOhnson & Johnson (JNJ) (+1.58%) or Moderna (+4.68%).
For once, in this atmosphere of relative risk aversion, many tech stocks have done well. Amazon (AMZN) (+ 0.25%), PayPal (PYPL) (+0.83%) or Netflix (NFLX) (+ 4.67%), which will be in the process of looking for a partner to create its offer with ads, and thus opted out of the game.
“With bond yields lower, these stocks got a boost today,” Angelo Corcavas said.
In fact, the bond market took a storm, and their prices, moving in the opposite direction of prices, contracted violently. The yield on US 10-year government bonds fell to 3.15% from 3.27% the day before.
Elsewhere on the coast, the Tobacco Company Altria (MO) It decreased (-9.19% to $ 41.50) after the government’s decision, announced on Tuesday, to reduce the level of nicotine in cigarettes sold in the United States, which, according to experts, will make it possible to reduce addictive smokers.
Another blow to the group from Richmond (Virginia), the US agency that specifically regulates the marketing of tobacco and its related products is preparing to ban the sale of products from Juul, the electronic cigarette giant in which Altria owns 35% of its capital.
Revlon (REV) She continued her wild run (+34.32% to $8.14). After melting 73% after the first information regarding its bankruptcy filing, which took place on Thursday, the cosmetics group saw the value of its title more than fivefold, driven mainly by the influx of private investors, and decided to speculate on the business.
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