Stock Market: Wall Street closes small last session of volatile month

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market reviews. The New York Stock Exchange ended the final session of a bumpy and volatile month on Tuesday, as inflation fears continued to preoccupy investors.

The Toronto Stock Exchange closed lower on Tuesday, ending a streak of seven consecutive sessions of gains and a highly volatile month.

To re-consult market news

Stock market indices at close

in Toronto, a S&P / TSX It closed down 190.06 points (-0.91%) at 20729.34 points.

in New York, a S & P500 It fell 26.09 points (-0.63%) to 4,132.15 points.

The Nasdaq It decreased 49.74 points (-0.41%) to 12,081.39 points.

The daw It fell 222.84 points (-0.67%) to 3,2990.12 points.

The almost It rose $0.0005 (+0.0633%) to $0.7908.

The oil It fell $0.05 (-0.04%) to $115.02.

He went It fell 18.60 USD (-1.00%) to 1,838.70 USD.

The Bitcoin It rose by $913.55 (+2.97%) to $31709.49.

Context

Over the course of the month, after the market turmoil caused in particular by the first rate hike of half a percentage point decided by the US central bank (the Federal Reserve, the Federal Reserve) in early May, the Nasdaq fell by 2%. The Dow and the S&P 500 managed to stay marginally higher.

Schwab analysts summarized, “Constant inflation that has led the Fed to adopt tight monetary policy recently is raising concerns about slowing economic activity and the possibility of a recession.”

It was the European Consumer Price Index that sounded the alarm again on Tuesday by posting inflation at 8.1% over a one-year period in May, a record high, according to Eurostat.

European stock markets were hit and at the opening in New York, Wall Street reacted poorly to this data before capping losses.

On the oil front, Brent crude prices (the European benchmark) rose above $124 a barrel, a level not seen since the beginning of March, fueled by the announcement of a ban on Russian essential oil by the European Union. union.

This jump in prices encouraged profit taking, and then oil prices fell to end the session in chaos.

Sensitive to inflation, Treasury bond prices fell, while 10-year Treasury yields rose significantly to 2.87% from 2.73% at the last close.

Wells Fargo analysts noted that “harsh comments from Fed Governor Christopher Waller showed support for a 0.50% rate hike in upcoming meetings” through September.

So far, markets are expecting only two increases of this demand, in June and July.

President Joe Biden’s extraordinary meeting with Federal Reserve Chairman Jerome Powell on Tuesday in the Oval Office of the White House received the full attention of investors, with hyperinflation on the meeting list.

Two weeks before the Federal Reserve’s monetary committee meeting and a possible next sharp rate hike, Jerome Powell declined to comment.

As for the US president, he said he wanted to discuss inflation “a top priority”, while pledging to preserve the independence of the Federal Reserve.

Among the indicators, consumer confidence deteriorated slightly in May in the US, as consumers expect to spend less in the coming months due to persistently high inflation.

“Intentions to buy cars, homes, major appliances, etc. All have slowed, which likely reflects higher interest rates,” said Lynn Franco, head of economic indicators at the Conference Board.

“Inflation remains a major concern for consumers,” she added.

Markets will learn about the state of the US labor market on Wednesday with the ADP’s monthly private sector employment survey, ahead of May’s official jobs numbers due on Friday.

Nine of the 11 S&P sectors closed in the red on Tuesday, starting with energy (-1.65%), materials (-1.60%) and real estate (-1.34%).

CRM platform Salesforce (CRM) It announced a decrease in earnings, but less than expected. The stock rose 5.62% in post-market electronic trading, while closing down 2.94% at $160.24.

Computer and printer manufacturer HP (HPE) Quarterly sales posted better than expected. The stock was down 0.21% after the close.

chip maker Qualcomm (QCOM) It acquired 2.48% to $143.22 as it was interested in a stake in the ARM semiconductor group when the British manufacturer was acquired by Softbank in 2016.



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