Closing
Wall Street ends in the red following a volatile session
published on 06/09/2022
couple Carolina Mandl
NEW YORK (Archyde.com) – The New York Stock Exchange ended lower on Tuesday following a volatile session in which investors weighed data on service sector activity.
L’indice Dow Jones a cd -0,55%, ou 173,14 points, 31145,3 points.
The broader S&P-500 lost 16.07 points, or -0.41%, to 3908.19 points.
The Nasdaq Composite fell by 85.96 points (-0.74%) to 11,544.91 points.
The monthly survey from the Institute for Supply Management (ISM), published on Tuesday, shows that the services index advanced last month to 56.9, the second consecutive increase following three months of decline. In July, the index came out at 56.7.
These results, which beat market expectations, fueled fears that the US Federal Reserve (Fed) will continue to raise interest rates to fight inflation.
“The Fed makes us addicted to economic data, every new piece of information is studied by investors, not only at an absolute level, but to try to deduce what it will mean at the Fed meeting,” explains Carol Schleif, deputy director of investments at BMO Family Office.
“One of the things that confuses investors is that it’s hard to find anything to fuel the market, whether it’s up or down, in a solid way,” she adds.
Concerns regarding Europe’s energy crisis and the economic impact of China’s coronavirus lockdowns also weighed on markets, according to Shawn Cruz, strategist at TD Ameritrade.
“Much of the uncertainty and volatility is due to what is happening abroad, not in the United States,” he said.
In stocks, rate-sensitive Amazon.com and Microsoft lost regarding 1% as Treasuries yields hit their highest levels since June.
Apple, which will launch its new iPhone model on Wednesday, also lost ground.
Bed Bath & Beyond has backtracked following news broke that its chief financial officer, Gustavo Arnal, fell from a New York skyscraper on Friday.
* The reminder of the session in Europe: [.EUFR]
* TO BE FOLLOWED ON WEDNESDAY:
(With contributions from Sruthi Shankar and Ankika Biswas; French version Camille Raynaud)
