WBBM Radio Interview 4/1
April 7, 2021
GLOBAL MARKETS-Wall Street edges up, Treasury yields consolidate in advance of Fed minutes
April 7, 2021The New York Stock Exchange moved in dispersed order shortly after opening Tuesday following records reached the day before thanks to good US employment figures.
At 2:00 p.m. GMT, the Dow Jones fell 0.05% and the Nasdaq, which had started in the red, rose 0.19%. The S&P 500 was at breakeven (-0.01%).
Monday, driven by strong job creations in March in the United States, the Dow Jones index had gained 1.13% to 33,527.19 points, a new record. The S&P 500 also hit a record 4,077.91 points, up 1.44%. The technology-intensive Nasdaq advanced 1.67% to 13,705.59 points.
“The market was a little sluggish at the start of the session on the heels of yesterday’s strong advance that set new records for the Dow and the S&P 500, with the participation of growth stocks, particularly the technology sector. information, which boosted the Nasdaq, “Schwab analysts said.
“We are witnessing profit taking and a rotation while banking and technology stocks are on the decline,” noted Peter Cardillo of Spartan Capital Securities.
The debate launched by US Treasury Secretary Janet Yellen on a reform of corporate taxes, to increase them in the United States while advocating the establishment of a single minimum tax rate on a global scale, also explained “a little” the decline of the market, also indicated the analyst.
The day was also marked by new growth forecasts published by the International Monetary Fund (IMF) which is counting on a stronger-than-expected return of global expansion, at + 6% this year, thanks in particular to the locomotive of the American economy, boosted by stimulus plans.
The IMF also warned Tuesday against excessive risk-taking in the markets, which fuel an overvaluation of assets.
Yields on 10-year Treasuries fell sharply to 1.68%.
