Dow Jones Futures Fall: Market Rally Closes Off Lows; Roku, AMD, Tesla Lead 10 Bullish Reversals


Investor's Business Daily 08 July, 2021 - 09:34pm 12 views

Why has the stock market dropped?

The major U.S. stock indexes fell Thursday on concerns about the global economic comeback from Covid-19. The losses came as Japan declared a state of emergency in Tokyo for the upcoming Olympics and as countries deal with a rebound in cases due to Covid variants. CNBCDow drops more than 250 points amid global economic recovery concerns, S&P 500 slides

S&P 500, Nasdaq post record closing highs after Fed minutes

Reuters 07 July, 2021 - 03:44pm

According to the minutes of the U.S. central bank's June policy meeting, Fed officials felt substantial further progress on the economic recovery "was generally seen as not having yet been met," but agreed they should be poised to act if inflation or other risks materialized. read more

"I read this as effectively a dovish set of notes simply because they don't feel as a group that they have enough certainty around the situation to make any changes at all," said Brad McMillan, chief investment officer at Commonwealth Financial Network in Waltham, Massachusetts.

Treasury yields edged lower following the Fed minutes, while stocks mostly edged higher.

The minutes reflected a divided Fed wrestling with new inflation risks but still relatively high unemployment.

After its meeting and statement last month, investors began to anticipate the Fed would move more quickly to tighten than previously expected.

Wall Street has been concerned about inflation, with investors moving between economy-linked value stocks and growth names in the past few sessions.

Both growth (.RLG) and value stocks (.RLV) gained on Wednesday, while industrials (.SPLRCI) and materials (.SPLRCM) led S&P 500 sector gains.

The Dow Jones Industrial Average (.DJI) rose 104.42 points, or 0.3%, to 34,681.79, the S&P 500 (.SPX) gained 14.59 points, or 0.34%, to 4,358.13 and the Nasdaq Composite (.IXIC) added 1.42 points, or 0.01%, to 14,665.06.

China's market regulator said it has fined a number of internet companies including Didi Global (DIDI.N), Tencent (0700.HK) and Alibaba (9988.HK) for failing to report earlier merger and acquisition deals for approval. read more

U.S.-listed shares of Didi fell 4.6%, adding to a nearly 20% slump on Tuesday.

Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored decliners.

The S&P 500 posted 71 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 121 new lows.

Volume on U.S. exchanges was 10.04 billion shares, compared with the 10.7 billion average for the full session over the last 20 trading days.

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