The US stock index on Tuesday shook between small profits and losses for most of the day and then towed into another non-uniform finish. Some corners of the market (stocks outbreaks in cryptocurrencies and social media) ) Has kept traders busy, but the gradual movement reflects a wait-and-see attitude among investors in a light week of profits and new economic data.
The S & P 500 rose below 0.1% after previously fluctuating between a loss of 0.4% and a profit of 0.2%. The Benchmark Index has been barely moving for the last two days after recording weekly gains for the second straight week. The Dow Jones Industrial Average fell 0.1%, while the Nasdaq rose 0.3%. Small-cap stocks once again surpassed the entire market.
The S & P 500 remained close to its all-time high on May 7, but could not rise.
“At this point, there aren’t many catalysts that move the market in one or the other,” said Tom Heinlin, a national investment strategist at Bank Wealth Management.
The S & P 500 added 0.74 points to 4,227.26. The Dow fell 30.42 points to 34,599.82. The Nasdaq rose 43.19 points to 13,924.91. The Russell 2000 Index for small businesses rose 24.58 points (1.1%) to 2,343.76.
Various companies that rely on direct consumer spending have made strong profits. Domino’s Pizza rose 1.2% and the gap rose 2.9%. Industrial stocks also rose. Energy companies have risen with crude oil prices.
These rises were curbed by the decline in healthcare and telecommunications stocks. Bank stocks fell and bond yields fell, putting a burden on them. Yields on 10-year Treasuries fell from 1.57% to 1.54% late Monday.
Elsewhere in the market, Wendy’s seems to have risen 25.9% to join the list of companies that have attracted the attention of individual investors, inspired by social media forums. Clover Health Investments rose 85.8%. Other companies whose stock prices have sporadically soared or plummeted include: AMC Entertainment, Blackberry, GameStop.
Cryptocurrency traders seem to be selling. According to CoinDesk, Bitcoin and all other popular digital currencies, including Ethereum and Dogecoin, have plummeted. Bitcoin, which exceeded $ 60,000 earlier this year, fell 7% to $ 32,690.
Internet cloud service provider Fastly’s share price rose 10.8% after announcing that it had addressed an internal issue caused by the company. Dozens of websites around the world are temporarily down, The UK Government homepage and The New York Times.
Investors have been navigating volatile markets as they digest information about how the economy is recovering. World Bank revised up outlook COVID-19 vaccination and large-scale government stimulus measures in wealthy countries are projected to drive the fastest global expansion in nearly 50 years. Poverty alleviation agencies in 189 countries forecast global economic growth this year at 5.6%, up from the January forecast of 4.1%. Last year the world economy shrank 3.5%.
The bright outlook for growth and rising consumer demand have raised concerns about rising inflation. Investors are trying to determine if this increase is temporary and will lead to a recovery, or if it will heat up and become more permanent in the post-pandemic economy. It may decide whether to continue to support the economy or withdraw.
The economy is still distorted by the pandemic and its aftermath. The factory is still increasing production, but it is not fast enough for people to overcome the pandemic and meet the demand for a wide range of products. As a result, prices for everything from food to daily necessities have risen.
“Too many consumers now have few products available,” said Megan Hornman, director of portfolio strategy at Vardens Capital Advisors.
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