U.S. stocks fluctuate almost before falling

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Following the pullback seen in the previous session, stocks fluctuated during Friday’s trading day, but maintained a predominantly negative bias. Following the plunge seen on Thursday, the high-tech heavy Nasdaq saw particularly volatility.

The Dow and S & P 500 closed firmly in the red, but the Nasdaq made a much more modest loss. The Nasdaq fell 10.75 points (0.1%) to 15,169.68, while the Dow fell 532.20 points (1.5%) to 35,365.44 and the S & P 500 fell 48.03 points (1%) to 4,620.64. ..

All major averages showed a marked move to the downside of the week. The Nasdaq plunged 2.9%, while the Dow and S & P 500 fell 1.7% and 1.9%, respectively.

Wall Street volatility took place on “4x Witch” day, and stock options, index options, stock futures and index futures all expired.

Lack of key US economic data is also unsuccessful as traders look forward to next week’s report on consumer confidence, personal income and spending, orders for durable commodities, and new and existing home sales. It may contribute to stabilization.

Traders also appear to have expressed conflicting reactions to the Federal Reserve’s monetary policy announcement on Wednesday.

The market Initially, the Fed’s move to accelerate the reduction of asset purchases to $ 30 billion per month seemed reassuring because it wasn’t as aggressive as some people were afraid of.

The Fed’s three rate hike forecasts for next year have also eliminated some uncertainty, but traders now seem to be working on the reality of faster rate hikes than expected.

Concerns about the effects of Omicron variants coronavirus It also put pressure on the market with concerns about ongoing supply chain issues.

Sector news

On that day, bank stocks showed a sharp downtrend and the KBW Bank Index fell 2.8%. Early in the session, the index reached its lowest daytime level in almost three months.

Oil stocks also showed significant weakness, as reflected in the 2.1% decline from the NYSE Arca Oil Index.

Crude oil stocks were sold as crude oil prices fell gradually, and crude oil delivered in January fell from $ 1.52 a barrel to $ 70.86.

Pharmaceutical, housing and chemical stocks also fell sharply on the day, but there was significant strength among biotechnology, aviation and network stocks.

In the biotechnology sector, Novavax (NVAX) surged 11.5% after the World Health Organization granted urgent approval for the biotechnology company’s coronavirus vaccine.

Other markets

In overseas trading, the stock market in the Asia-Pacific region fluctuated in the trading on Friday. Japan’s Nikkei Stock Average fell 1.8% and South Korea’s Kospi rose 0.4%.

Meanwhile, European inventories have fallen almost that day. France’s CAC 40 index fell 1.1% and Germany’s DAX index fell 0.7%, while the UK’s FTSE 100 index receded the downtrend and rose 0.1%.

In the bond market, the Treasury lowered the day’s highest level, but remained in a positive territory. As a result, the benchmark 10-year bond yield was the opposite of the price, hitting a low of 1.372% and then dropping 2 basis points to 1.422%.

Future outlook

While traders are likely still looking at key US economic data, trading activity for next Christmas could be somewhat curtailed.

Contact for comments and feedback: editorial@rttnews.com

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U.S. stocks fluctuate almost before falling

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