The S&P 500 and the Nasdaq finished in the red on Tuesday as worries that aggressive moves to curb decades-high inflation might tip the U.S. economy into recession dampened investors’ risk appetite.
All three major U.S. stock indexes pared their losses in afternoon trading, with the blue-chip Dow turning positive. Even so, the S&P 500 ended just 2.2 percentage points above confirming it has been in a bear market since reaching its all-time high on Jan. 3.
The Dow Jones Industrial Average rose 0.15%, to 31,928.62; the S&P 500 lost 0.81%, to 3,941.48; and the Nasdaq Composite dropped 2.35%, to 11,264.45. The volatility index rose 3.41% to 29.45.
Six of the 11 major sectors of the S&P 500 ended the session in negative territory, with communication services and consumer discretionary suffering the biggest percentage losses.
“As we step back and acknowledge the primary market catalysts, it’s really been about the Fed pivot and the change in interest rates, which have influenced prices across the capital markets,” said Bill Northey, senior investment director at U.S. Bank Wealth Management in Helena, Montana.
“In the last two weeks, we’ve seen some degree of macroeconomic deterioration starting to be manifested in corporate earnings and economic releases.”
Today’s post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.
Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
