At the New York Stock Exchange (NYSE) on the 20th (Eastern Time), the Dow Jones Industrial Average closed at 31,261.90, up 8.77 points (0.03%) from the previous day.
The Standard & Poor’s 500 Index closed at 3,901.36, up 0.57 points (0.01%) from the battlefield, and the Nasdaq Index, centered on technology stocks, closed at 11,354.62, down 33.88 points (0.30%) from the battlefield.
The Dow and S&P 500 are down regarding 3% this week alone. The Nasdaq fell regarding 4%.
The Dow fell for eight straight weeks, the longest decline since 1923, while the S&P 500 and Nasdaq fell for seven straight weeks.
In 11 sectors of the S&P 500, △Consumer Discretionary Goods -1.53% △Financial -0.12% △Commodities -0.22% △Communications Services -0.22% △Industry -1.07%. In addition, △Consumer Essentials 0.27% △Energy 0.43% △Healthcare 1.26% △Real Estate 1.19% △Technology 0.14% △Utilities 0.27%.
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The S&P 500 fell 2.3% in the early trading session, down 20% from its January highs. This is the largest since the sharp decline in March 2020, when the COVID-19 outbreak began to spread. However, it succeeded in a dramatic rebound during the day and closed slightly higher.
George Ball, chairman of Sanders Morris Harris, said: “Investor sentiment, which has driven stock prices over the past decade, has turned negative.” The Nasdaq has already entered a bear market, down 30% from its highs.
David Wagner, portfolio manager at Aptus Capital Advisors, said: “The downtrend that has continued throughout the week makes it feel like the market is starting to recognize that the profitability of the S&P 500 may be at risk as inflation will continue to rise.
There is growing concern that an aggressive rate hike by the Federal Reserve (Fed) to curb inflation will trigger a recession. The selling trend, which started centered on technology stocks, is expanding to all areas of the market. Energy is the only sector in the S&P 500 showing an upward trend. The day before, Deutsche Bank said the S&P 500 might drop as low as 3000 if a recession is imminent.
Stock markets in major European countries ended higher all at once.
The London Stock Exchange’s FTSE 100 index closed at 7,389.98, up 1.19% from the closing price of the previous trading day.
The Frankfurt Stock Exchange’s DAX Index rose 0.72% to 13,981.91, and the Paris Stock Exchange’s CAC40 Index rose 0.20% to 6,285.24.
The pan-European index Euro Stoxx50 also rose 0.45% to 3,657.03.
On the New York Mercantile Exchange, the price of West Texas Intermediate (WTI) for June contract ended at $113.23 per barrel, up $1.02 (0.9%) from the previous day.
The price of Brent crude for July on the London ICE Futures Exchange rose 51 cents (0.46%) to $112.55 a barrel.
Oanda analyst Craig Erlam said: “The direction of oil prices is still tilted upwards, given China’s economic openness and the European Union’s ongoing efforts to embargo the Russian oil embargo.”
In Shanghai, China, there was no mention of the end of the city-wide shutdown plan on June 1, despite the first case of COVID-19 outside the quarantine area reported in five days.
The energy market expects energy demand to rise once the lockdown on Shanghai is lifted. China is the world’s largest oil importer.
The EU is pushing for an embargo on Russian oil, but Hungary is opposing it.
Consulting firm BCA Research said: “Germany has cut Russian oil imports by more than half in a very short period of time, so it is highly likely that an EU embargo will be declared soon.”
- reporter information
- Yoon Joo-hye
- [email protected]
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