U.S. stock benchmarks traded under heavy pressure on Monday afternoon, the path to equity markets uncertain, as heated debates over debt limits continue and the U.S. economy is trying to recover from the Covid-1 pandemic epidemic and growing concerns about expected inflation.
What’s up with the stock?
Dow Jones Industrial Average DJIA,
391 points, or 1.1%, down to about 33,929.
S&P 500 SPX,
Shares fell nearly 68 points, or 1.6%, to 4,290, as shares of technology and communications services fell more than 2%.
Nasdaq Composite Index Comp,
The tech-heavy index closed down more than%% from a record close in Sep-September, down 22 points, or 2.4%, to about 1,222.
Last week was a tough one for U.S. stocks, as the S&P 500 fell 2.2%, although the three main indices improved each on Friday.
On Friday, the Dow rose 483 points, or 1.43%, to 34,326, the S&P 500 rose 50 points, or 1.15%, to 4,357, and the Nasdaq Composite rose 118 points, or 0.82%, to 14,567.
What is driving the market
As a sell-off took shape on Monday, markets were disappointed by the pressure of technology-related stocks. Significantly, the communications services sector of the S&P 500 is SP500.50,
Facebook Inc. was led by 2.8% off, and the technology sector SP500.45,
2.8% was closed
The market is under increasing pressure, focusing on their development in Washington, D.C., where discussions on infrastructure spending and social spending have failed to find a solution. According to The Wall Street Journal, Democrats were arguing that proposed programs should be reduced or their duration reduced to আকার 3.5 trillion in social spending proposals.
Macro News, China Evergrand 3333, Developer of Chinese Affected Chinese Property
It could sell his property management arm. Traders are concerned that Evergrade’s inability to repay its debt will affect China’s economy, which will affect the world’s second-largest economy.
Seema Shah, chief strategist at Principal Global Investors, wrote in an emailed comment on Monday, “Investors are increasingly uneasy as economic activity accelerates and financial stimulus moves towards gradual growth and policy normalization.”
“Market sentiment has been further disrupted by the impact of Chinese restrictions on property-related nding and related Evergrand titles, while the recent rise in energy prices has raised fears that high inflation could soon lead to a collapse in demand,” the strategist wrote.
Indeed, U.S. oil reached a seven-year high, and is the highest since international benchmark Brent 2018, as the Organization of Petroleum Exporting Countries and its allies maintained the current agreement to gradually increase crude production to 400,000 barrels per month. Day increases in November.
Meanwhile, U.S. Trade Representative Katherine will therefore discuss U.S.-China trade relations, where the Biden administration has so far upheld tariffs imposed on China by the Trump administration. The White House has said it will not repeal further tariffs because it supports China for not fulfilling commitments under the Phase One agreement.
Caroline Cavanaugh, chief investment officer at Carolinas Wealth Management, told MarketWatch that the market was responding to concerns that “inflation may not be short-lived.”
He suspects that recent declines indicate that markets are going to be in a more significant recession, and he says this is likely to “crush a little more”.
The CIO said the direction of chief executives could be a determinant of market mood. “2022 may be a little harder, but for now I don’t think the bus wheel is coming,” he said of the current state of the market.
“I think it’s too early to ring the alarm bell,” he said. “There is a lot of liquidity in buying bonds in the market and consumers are in great shape,” he said, noting the expectation that the Federal Reserve would start reducing its monthly purchases of treasury and mortgage-related bonds. Years
Read: Powell’s shaky face shoots his Fed chair market, but the Fed face-lift is inevitable.
In terms of public health, the CEO of Biotech told the Financial Times that Covid-1 will likely continue to change where it can escape vaccines and the immune system and may need a new vaccine in the future. Meanwhile, Johnson & Johnson JNJ and Moderena MRNA have applied for FDA approval for their Covid-1 vaccine booster booster and an advisory committee will discuss them at meetings scheduled for Oct. 1 and Oct. 15.
In the economic report, U.S. factory orders rose 1.2% in August, beating the 1.1% estimate of economists surveyed by the Wall Street Journal.
Meanwhile, Bloomberg News Fed Vice Chairman Richard Clarider Trading reported that he traded stocks ahead of a statement about the epidemic. Although the central bank said there was a pre-planned rehabilitation in February 2020, it put more pressure on Fed Chairman Jerome Powell to nominate him for a longer term before the White House decides.
Which company is in focus?
Facebook practices are under discussion after a whistleblower comment. A former employee appeared on CBS’s “Min0 Minutes” and “repeatedly” accused the social media company of making a profit before the public interest. The interview follows a report in The Wall Street Journal called “The Facebook Files”, which suggests, among other things, that executives were aware of the negative impact of its platform on many users. Its stock was down 4.1%.
Shares of Redhill Biopharma Ltd.. Seriously ill, hospitalized Covid-1 patients were in the RDHL focus on Monday after receiving new information from a 2/3 episode clinical study evaluating patients with experimental oral antiviral opaganib. Its stock was 7.2%.
- AMC Entertainment Holdings Inc. AMC said the weekend set a new opening record for global presence, admissions revenue and food and beverage sales, thanks to “Venom: Let the Be Carnegie” and James Bond’s “No Time to Die” international performances in the United States. The stock was down 4.8%
- IMAX Corporation Shares of IMAX rose 2.6% when it said it had earned 30 30 million at the global box office over the weekend, marking its strongest October weekend and its biggest weekend tally since December 2019.
Shares of Increase energy corporations AMPY has announced a major oil spill in Southern California over the weekend. Shares of the company fell more than 43%.
- Cree Inc. Changed its name Wolfspeed Inc. The WLF and the technology company began trading under the tick mark “WLF” on the New York Stock Exchange on Monday. Its stock was 1.2%.
- Bed Bath & Beyond Inc. BBBY announced the launch of Studio B Home Decor Collection on Monday. The stock was up 2.2%
- FireEye Inc. The cybersecurity company said Monday it would officially change its name FEYE shares were off more than 2% Mandiant Inc. And trade under the new ticker symbol ‘MNDT’ from Tuesday.
Are other assets traded?
The yield on the 10-year Treasury note TMUBMUSD10Y has risen, but the stock has sold its gains close to 1.48% compared to Monday, its sixth straight weekly increase in the past week, according to Dow Jones Market data.
The ICE US Dollar Index DXY, a currency measure against a drag of six major competitors, fell 0.2% on Monday.
Oil futures CL00 traded higher, with the U.S. benchmark rising 2.5% on Monday, reaching .7 77.78 a barrel on Monday after OPEC and its allies agreed to previously agree on an increase in crude production starting in November. Gold futures traded up 0.5% at 7 1,767.10 an ounce.
In the European market, the Stocks Europe 600 Index SXXP traded 0.5% lower. FTSE 100 Index UKX,
0.2% more transactions.
The Nikkei 225 index NIK closed 1.1% higher. The Chinese market was closed for the Golden Week holiday. Hong Kong’s Hang Seng HSI,