Wall Street concludes sharply higher after US employment, S&P 500 near record
June 7, 2021
LIVE MARKETS-We’re having a heatwave: CPI shows inflation mercury rising – Reuters
June 10, 2021The New York Stock Exchange ended another lackluster session slightly in the red on Wednesday, but still close to all-time highs ahead of US inflation figures on Thursday.
According to final results at the close, the Dow Jones index lost 0.44% to 34,447.14 points.
The high-tech Nasdaq dropped 0.09% to 13,911.75 points. The extended S&P 500 index ended down 0.18% to 4,219.55 points, not far from its high reached in early May.
The market “ended the day lower, weighed down by stocks from industrial and financial sectors which exerted pressure on the Dow Jones,” noted Schwab analysts. “The losses have been brought under control, however, as investors remain cautious before the first glimpse of inflation on Thursday,” they added.
The Consumer Price Index for May (CPI) is due for release by the Labor Department, an important piece ahead of a U.S. Central Bank (Fed) monetary meeting next week and as all investors wonder if the price hike will last or not.
“It’s a quiet, low-volume market that continued to spin the wheel as we wait for inflation on Thursday,” added Peter Cardillo of Spartan Capital Securities.
This indicator could “either relieve investors or send bond rates upwards, which in the short term would be damaging to the stock market,” he warned.
But on Wednesday, yields on US debt remained at 1.48%, the lowest since early March, showing that “investors are not really concerned with inflation numbers,” added the Spartan Capital Securities analyst.
Analysts expect the CPI index to rise 0.4% for the last month against + 0.8% observed in April.
Volatility around a few favorite stocks of online stock marketers continued to drive the market.
Video game distributor GameStop reported better-than-expected quarterly sales after closing and a smaller loss than a year ago.
The chain also hired two former Amazon executives as chief executive and financial officer. The action, which in session climbed 9%, to conclude in progress of less than 1%, lost 10% in electronic exchanges after the close.
Another plunge for other favorites of online traders such as AMC (-10.37%), Blackberry (-4.05%) and online health provider Clover Health (-23.61%).
IPO on Wednesday at 27 dollars, the title of the fintech firm Marqeta, a payment card management platform, concluded up 13%, implying a valuation of 17 billion dollars. The company makes a hundred million dollars in quarterly sales.
The Pfizer laboratory climbed 2.47% to $ 39.81, after news that the United States was going to buy 500 million doses of its anti-Covid 19 vaccines to give them to other countries.
