Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

U.S. Stocks Sink Into Close on Rout in Tech Shares: Markets Wrap

by
November 23, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

(Bloomberg) — A final-hour selloff in tech shares sent U.S. stocks to a second straight loss, while Treasuries retreated following President Joe Biden’s nomination of Jerome Powell to head the Federal Reserve for a second term. The dollar climbed.

Most Read from Bloomberg

RELATED POSTS

Stock Portfolio Track App Reviews & Ratings: Navigating the Best Tools for Investors

Backtesting Software Reviews & Ratings: What the Users Say

New York City Is Building a Wall of Oysters to Fend Off Floods

A Denser City, But at What Cost?

The Women Behind Historic House Designs

From Bathhouses to Fisheries, Hidden Inflation Is Creeping Across Japan

Maverick 70-Year-Old CEO Is Determined to Shake Up Japanese Finance

The S&P 500 turned lower in the final hour of trading, while the Nasdaq 100 dropped more than 1%. The broader index had spent all of the session higher before a sell-off in tech shares popular among hedge funds dragged it lower for the day. Peloton Interactive Inc. and Docusign Inc. slid at least 5.5%. Farfetch Ltd. and Snowflake Inc. drove a basket of software and internet companies that have yet to earn any money down more than 5%.

“I don’t know why the tape collapsed late but the market has rallied so much, so quickly, a retracement has to happen at some point. This could be the start,” said Mike Zigmont, head of trading and research at Harvest Volatility Management.

The Powell nomination had dominated market sentiment for much of the day before the big about-face in equities. The yield on two-year bonds jumped toward 0.6%. The U.S. swaps market is now pricing a full 25 basis point rate hike into the June Fed meeting, with a second increase seen for next November. The dollar climbed, while gold slumped more than 2% and oil gained.

Biden had been considering between Powell and Lael Brainard, who he nominated to move up to Vice Chair. The Powell choice comes amid growing concern the U.S. central bank may fall behind the curve in combating sticky inflation. Consumer-price growth is surging at the fastest pace in decades and expectations for price growth are at the highest since 2013.

“The whole point is it doesn’t change anything — the same issues are on his plate now, which is are they going to be right that the pop in inflation is going to be transitory and if not, what do they do about it?” David Donabedian, chief investment officer of CIBC Private Wealth Management, said by phone. “The choice about Powell’s renomination is all about continuity.”

Read: Fed Bets Could Move Even More If Decision Lets Powell Cut Loose

Shares got a lift overnight from a flurry of potential deals. Vonage Holdings Corp. jumped more than 20% as Ericsson agreed to buy it. Telecom Italia SpA surged 30% in Europe after KKR & Co. bid for it.

“We’re kicking off a busier-than-you-may-think Thanksgiving week in rebound mode,” said Chris Larkin, managing director of trading at E*Trade Financial. “And while the short trading week historically is considered sleepier than others, keep in mind that over the past 15 years the U.S. stock market has tended to gain more ground the month after Thanksgiving than the month before it. So coupled with a busy economic calendar and more retail earnings, traders may have good reason to stay tuned in to the market this week.”

U.S. stocks are trading near record levels, outpacing the rest of the world, as investors see few alternatives amid rising inflation and a persistent pandemic that undermines global recovery. Concerns about high valuations and the potential for the economy to run too hot on the back of loose monetary and fiscal policies have interrupted, but not stopped the rally.

Oil kept gains on speculation that OPEC and its allies may adjust plans to raise production if the U.S. releases crude reserves in coordination with other nations. Delegates said that even the modest output increase they have penciled in may now be re-evaluated when the group meets next week.

Read: U.S. Poised to Release Oil From Reserve Along With Other Nations

For more market analysis, read our MLIV blog.

Here are some key events this week:

Eurozone, U.S. PMI data Tuesday

Reserve Bank of New Zealand rate decision Wednesday

U.S. FOMC minutes, consumer income, wholesale inventories, new home sales, GDP, initial jobless claims, U.S. durable goods, University of Michigan consumer sentiment. All Wednesday

Bank of Korea policy decision Thursday

U.S. Thanksgiving Day: U.S. equity, bond markets closed Thursday

Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday

Some of the main moves in markets:

Stocks

The S&P 500 fell 0.3% as of 4:03 p.m. New York time

The Nasdaq 100 fell 1.2%

The Dow Jones Industrial Average was little changed

The MSCI World index fell 0.6%

Currencies

The Bloomberg Dollar Spot Index rose 0.4%

The euro fell 0.5% to $1.1236

The British pound fell 0.5% to $1.3389

The Japanese yen fell 0.8% to 114.86 per dollar

Bonds

The yield on 10-year Treasuries advanced seven basis points to 1.62%

Germany’s 10-year yield advanced four basis points to -0.30%

Britain’s 10-year yield advanced five basis points to 0.93%

Commodities

West Texas Intermediate crude rose 0.5% to $76.31 a barrel

Gold futures fell 2.5% to $1,807.90 an ounce

Most Read from Bloomberg Businessweek

Wildfires Are Getting Worse, and One Chemical Company Is Reaping the Benefits

How Child Care Became the Most Broken Business in America

Medical Debt Is Crushing Black Americans, and Hospitals Aren’t Helping

Boeing Built an Unsafe Plane, and Blamed the Pilots When It Crashed

©2021 Bloomberg L.P.

ShareTweetPin

Related Posts

Stock Portfolio Track App Reviews & Ratings: Navigating the Best Tools for Investors

by
September 25, 2023
0

Stock portfolio tracking apps are invaluable tools for amateur and seasoned investors. They allow them to monitor the performance of...

Backtesting Software Reviews & Ratings: What the Users Say

by
September 25, 2023
0

Backtesting software are critical tools for traders and investors looking to validate their trading strategies before putting real money on...

TickTick Trader Reviews & Ratings: The Comprehensive Guide to One of the Highest-Rated Prop Trading Firms

by
September 25, 2023
0

TickTick Trader offers a comprehensive trading ecosystem tailored to novice and professional traders. The platform has garnered an impressive average...

Day Trading Course Reviews & Ratings: Uncovering the Best Platforms for Traders

by
September 25, 2023
0

No longer reserved for Wall Street experts, day trading is now a viable option for many people looking to capitalize...

TradeDay Reviews & Ratings: Navigating the Success Stories and Features

by
September 25, 2023
0

TradeDay is a prop trading firm that offers a unique blend of educational resources, favorable payout structures, and robust trading...

Next Post

Social Security Isn’t Going Broke. But Prepare for Potential Benefits Cuts.

Jim Cramer picks 4 stocks to look at as market rotates away from tech winners

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net