The third day of losses for the Nasdaq index.. all its losing days in April
With the successive emergence of data showing a slowdown in the US economy, the Nasdaq index continued its losses for the third day in a row, which is all that passed from the second quarter of the year, while it was clear that investors turned away from technology stocks, for fear that the Federal Reserve would be forced to continue to tighten monetary policies. .
In trading on Wednesday, the Nasdaq index lost more than 1% of its value, and the “S&P 500” index fell for the second day in a row, losing a quarter of a percentage point, while the Dow Jones Industrial Average added 80 points, which represented nearly a quarter of a percentage point as well. .
Wednesday’s moves came as market participants reacted to the release of the latest ADP private payrolls report, which showed job growth slowed in the March-ended period.
The released report confirmed what was said in the Job Vacancies report, released on Tuesday, and illustrated a belated success for the Federal Reserve in calming the labor market. Tuesday’s report showed the number of jobs available in February fell below 10 million for the first time in nearly two years.
In Europe, stocks fell today, Wednesday, in light of the reservation of investors, following data indicated a weaker-than-expected recovery for the euro-zone economy.
The Stoxx 600 index of European shares ended the day’s trading down 0.2%, with the industrial goods and services index declining 2.1%.
Limiting the losses, the utilities sector index rose 1.6%, and the healthcare companies index 1.7%, with the two indices recording their highest levels since August 2022, amid growing economic uncertainty.
Archyde.com said that despite the strong performance of European stocks at the beginning of the year, they fell last month, recording their worst performance in March since 2020, as the recent banking turmoil fueled concerns regarding global growth, mixed economic data, and fears From recession, on expectations of interest rates in the region.
Shares in UBS declined 1.3% as the Swiss bank sought to reassure investors of its ability to make its unexpected takeover of rival Credit Suisse successful and beneficial for its shareholders.
Oil ended trading today, Wednesday, with little change, despite a larger-than-expected decline in US crude and fuel stocks, as the market assesses the deteriorating economic prospects in light of the OPEC + group’s plan to cut production.
Brent crude futures rose five cents, or 0.1%, to $84.99 a barrel, while US West Texas crude fell ten cents, or 0.1%, to $80.61 a barrel.
“Investors may be cautious following the strong rise in prices this week,” UBS analyst Giovanni Staunovo told Archyde.com.
