Monday, November 29, 2021

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    Nasdaq set a new record, but the Dow sees more downsides

    Following the mixed performance seen in the previous session, major US stock indexes moved in the opposite direction again during Friday trading. The tech-heavy Nasdaq set a new record, but the Dow fell three times in a row.

    The Nasdaq rose 63.73 points (0.4%) to 16,057.44, while the Dow rose 268.97 points (0.8%) to 35,601.98. Meanwhile, the S & P 500 spent the day bouncing back and forth on the unchanged line before closing at 4,697.96, 6.58 points (0.1%).

    The key averages also varied in the week’s performance. The Dow fell 1.4%, while the Nasdaq rose 1.2% and the S & P 500 rose 0.3%.

    Updated Covid-19 concerns weighed heavily on circulating stocks as a brutal fourth wave of coronavirus The pandemic spreads throughout Europe.

    Austria announced a complete national blockade of Covid-19 from Monday, while Germany announced further restrictions on unvaccinated people.

    The possibility of more European countries resurrecting a complete blockade has raised concerns that a pandemic could once again put pressure on the world. Economy..

    On the other hand, Nasdaq, which makes heavy use of high tech, technology Stocks following some bright earnings news.

    Intuit (INTU) stocks surged after financial software companies reported better-than-expected first-quarter earnings and raised their full-year earnings forecasts.

    Cybersecurity firm Palo Alto Networks (PANW) also rose after reporting that first-quarter performance exceeded analysts’ expectations.

    Meanwhile, Applied Materials (AMAT) shares were under pressure after semiconductor equipment manufacturers reported their fourth-quarter performance, which provided lower-than-expected and disappointing guidance.

    However, some traders were on the sidelines due to the lack of key US economic data.

    Sector news

    On that day, energy stocks fell sharply along with crude oil prices, and a sharp fall was seen. Crude oil delivered in December plummeted from $ 2.91 a barrel to $ 76.10.

    Reflecting the weaknesses of the energy sector, the Philadelphia Oil Services Index plunged 4.6%, the NYSE Arca Oil Index plunged 3.9%, and the NYSE Arca Natural Gas Index fell 2.2%.

    Falling gold prices also contributed to the weakness of gold stocks, resulting in a 1.9% drop from the NYSE Arca Gold Bug Index.

    Telecom, airlines and banking stocks also showed noticeable weaknesses on the day, but some strength was seen between biotechnology stocks and utility stocks.

    Other markets

    In overseas transactions, stocks market Hong Kong’s Hang Seng Index receded from the uptrend, falling 1.1%, but almost rose on Friday across the Asia-Pacific region. Japan’s Nikkei 225 Index rose 0.5% and China’s Shanghai Composite Index rose 1.1%.

    Meanwhile, major European markets turned down on the day. The UK’s FTSE 100 index fell 0.5%, while the French CAC 40 index and the German DAX index both fell 0.4%.

    In the bond market, government bonds rose significantly, expanding the upward movement seen in the previous two sessions. Since then, yields on benchmark 10-year bonds, which move in the opposite direction of price, have fallen 5.3 basis points to 1.536%.

    Future outlook

    Trading activity may remain somewhat restrained due to Thanksgiving holidays, but reports on new and existing home sales, consumer durables orders, and personal income and spending are likely to be highlighted next week. ..

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    Nasdaq set a new record, but the Dow sees more downsides

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