Monday, November 29, 2021

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    Midnight Weakness Leads to Lower Wall Street Closure

    Throughout most of Thursday’s trading days, stocks remained sluggish before being under pressure later in the session. The Dow and S & P 500 slipped firmly into the negative territory, while the tech-heavy Nasdaq ended the day almost flat.

    Nasdaq ended the session with only 0.12 points, or less than a tenth percent, 15,235.84, after rising 0.8%. Meanwhile, the Dow fell 266.19 points (0.7%) to 35,490.69 and the S & P 500 fell 23.11 points (0.5%) to 4,551.68.

    Various reactions to the latest earnings news contributed to the volatile trading early in the day, but traders may have been trying to take advantage of their recent strengths. market In day trading.

    The fall on the day caused the Dow and S & P 500 to retreat after closing Tuesday’s trading at a record high.

    Twitter’s share (TWTR) fell sharply the day after social media reported higher-than-expected third-quarter revenue, but weaker-than-expected user growth.

    Automobile giant General Motors (GM) was also under pressure after reporting third-quarter earnings and earnings declines year-over-year.

    Meanwhile, Microsoft stocks (MSFT) continued to rise significantly after software giants reported their first-quarter results and exceeded analysts’ expectations.

    Google’s parent alphabet (GOOGL) also performed well the day after the company reported better-than-expected results in the third quarter.

    On the US economic front, the Commerce Department released a report in September showing that orders for durable consumer goods were cut much less than expected.

    Orders for durable consumer goods fell 0.4% in September, after a 1.3% surge, which was revised downwards in August, according to the Commerce Department.

    Economists expected durable consumer goods orders to fall 1.1% compared to the 1.8% surge reported last month.

    Orders for durable consumer goods increased 0.3% in August and then 0.4% in September, except for a sharp drop in orders for transportation equipment. The increase was in line with economists’ estimates.

    Sector news

    On that day, energy stocks fell sharply along with crude oil prices, and a sharp decline was seen. Crude oil delivered in December plummeted from $ 1.99 a barrel to $ 82.66 after reports reported that oil inventories were rising significantly more than expected each week.

    The Philadelphia Oil Services Index plunged 5.1% and the NYSE Arca Oil Index fell 2.4%, reflecting the weakness of the energy sector.

    Steel stocks also showed considerable weakness, as evidenced by the 3.2% rise in the NYSE Arca Steel Index.

    Bank stocks also showed a sharp downtrend on the day, with the KBW Bank Index falling 2.6%. The index continued to fall after reaching a daytime high on Monday.

    Tobacco, brokerage and biotechnology stocks also fell sharply, but some strength was seen among software stocks.

    Other markets

    In foreign trade, stock markets in the Asia-Pacific region fell most of the time on Wednesday. Japan’s Nikkei 225 Index fell slightly below the unchanged line, China’s Shanghai Composite Index fell 1%, and Hong Kong’s Hang Seng Index fell 1.6%.

    On that day, major European markets also turned down. France’s CAC 40 index fell 0.2%, while Germany’s DAX index and the UK’s FTSE 100 index both fell 0.3%.

    In the bond market, government bonds rose significantly during the session. Since then, yields on benchmark 10-year bonds, which move against prices, have fallen 9 basis points to 1.529%.

    Future outlook

    Trading on Thursday may continue to be affected by the reaction to the latest earnings news after eBay (EBAY), Ford (F), Lending Club (LC) and Raymond James (RJF) announce their quarterly earnings. .. The end of today’s transaction.

    Caterpillar (CAT), Comcast (CMCSA), Hershey (HSY), MasterCard (MA), Merck (MRK), and Yum! Brand (YUM) will also report the results before the opening of trading on Thursday.

    On Thursday, preliminary readings on GDP for the third quarter may also be in the spotlight, along with reports on weekly unemployed billing and pending home sales.

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    Midnight Weakness Leads to Lower Wall Street Closure

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