US stock market sees challenging day: Dow Jones posts red figures
July 6, 2023 10:22 am
Today, investors will focus on the anticipated minutes of the June meeting of the US Federal Reserve. It is reported that the interest rate will remain at 5-5.25% per annum. Traders are awaiting fresh data on the US labor market on Friday. Experts predict a decrease in the unemployment rate to 3.6% and an increase in non-farm payrolls by 225,000 after a rise of 339,000 in May.
In his review, Paul Krugman praised the economic strategy of the US. He highlighted the importance of successes in the fight against poverty, emphasizing the improvement in the corresponding poverty index. Krugman also acknowledged the efforts of Biden’s administration, pointing out the decline in the combined inflation and unemployment index to the level of early 2021.
Contrary to the forecasts of pessimists who spoke of a possible collapse of the stock markets and the US economy, no problems arose, claims Krugman. On the contrary, in 2022, the US economy added four million jobs and maintained the unemployment rate at nearly a 50-year low.
Even inflation, which peaked at 9% in mid-2022, began to decline and dropped to 4% in May. Despite the Fed’s aggressive policy, the labor market demonstrates stability. In May, the US economy added another 339,000 jobs, while the unemployment rate remained steady at 3.7%.
However, at the closing of trading in New York, the major indices showed a slight decline: the Dow Jones index closed with a loss of 0.38%, the S&P 500 index lost 0.20%, and the NASDAQ Composite index decreased by 0.18%. Despite the correction in the markets, the US economy continues to strengthen, casting doubt on pessimistic forecasts.
Dow Jones and S&P 500: winners and losers of the day
US stock markets closed mixed today. Despite the overall decline in the indexes, some stocks showed significant growth.
Among the components of the Dow Jones, the most successful were aerospace company Boeing Co (NYSE: BA), which rose by 1.13% and reached $213.31. Salesforce Inc (NYSE: CRM) gained 1.03% and closed at $213.82. Walgreens Boots Alliance Inc (NASDAQ: WBA) finished at $29.26, increasing by 0.83%.
However, not all companies can boast such results. Intel Corporation (NASDAQ: INTC) fell by 3.3%, dropping to $32.51. 3M Company (NYSE: MMM) rose by 2.48% and closed at $98.63, but Goldman Sachs Group Inc (NYSE: GS) decreased by 2.01%, ending the trading day at $320.05.
Among the components of the S&P 500 index, top gainers were PG&E Corp (NYSE: PCG), which rose by 3.13% to $17.82, Fidelity National Information Services Inc (NYSE: FIS), which increased by 3.10% and closed at $59.80, and SBA Communications Corp (NASDAQ: SBAC), which rose by 2.97% and closed trading at $240.97.
On the other hand, Generac Holdings Inc (NYSE: GNRC) dropped by 8.05% and closed at $138.48, Las Vegas Sands Corp (NYSE: LVS) lost 5.62% and ended the day at $55.30, while Qorvo Inc (NASDAQ: QRVO) declined by 5.36% and closed at $97.59.
Thus, despite the overall downtrend in the market, some companies demonstrated resilience and even growth.
NASDAQ Composite: winners and losers of the day
At the end of today’s trading on NASDAQ Composite, the leaders in growth were Mullen Automotive Inc (NASDAQ: MULN), which rose by 69.38% and closed at $0.17. BioXcel Therapeutics Inc (NASDAQ: BTAI) also saw significant growth, gaining 42.26% and finishing the session at $11.21, while Impel Neuropharma Inc (NASDAQ: IMPL) rose by 36.35% and closed trading at $1.70.
However, not all companies were able to demonstrate such success. Canopy Growth Corp (NASDAQ: CGC) fell in price by 22.19% and closed at $0.46. Connexa Sports Technologies Inc (NASDAQ: CNXA) lost 21.09% and ended the session at $0.21. AXT Inc (NASDAQ: AXTI) dropped by 19.09% to $2.84.
Overall, on the New York Stock Exchange, the stocks of a greater number of companies lost value: 2,074 against 890 that increased in price. On the NASDAQ stock exchange, the number of declining stocks at 2,262 also exceeded the number of rising stocks of 1,278, while the prices of the stocks of 135 companies remained unchanged.
Nevertheless, PG&E Corp (NYSE: PCG) showed significant growth, reaching a 3-year high and rising by 3.13% to $17.82.
At the same time, the CBOE Volatility Index, which is based on options trading on the S&P 500, increased by 3.50% to a level of 14.18. This indicates increasing uncertainty in the market, as volatility typically rises during periods of economic instability or uncertainty.
The material has been provided by InstaForex Company – www.instaforex.com
Today, investors will focus on the anticipated minutes of the June meeting of the US Federal Reserve. It is reported that the interest rate will remain at 5-5.25% per annum. Traders are awaiting fresh data on the US labor market on Friday. Experts predict a decrease in the unemployment rate to 3.6% and an increase in non-farm payrolls by 225,000 after a rise of 339,000 in May.
In his review, Paul Krugman praised the economic strategy of the US. He highlighted the importance of successes in the fight against poverty, emphasizing the improvement in the corresponding poverty index. Krugman also acknowledged the efforts of Biden’s administration, pointing out the decline in the combined inflation and unemployment index to the level of early 2021.
Contrary to the forecasts of pessimists who spoke of a possible collapse of the stock markets and the US economy, no problems arose, claims Krugman. On the contrary, in 2022, the US economy added four million jobs and maintained the unemployment rate at nearly a 50-year low.
Even inflation, which peaked at 9% in mid-2022, began to decline and dropped to 4% in May. Despite the Fed’s aggressive policy, the labor market demonstrates stability. In May, the US economy added another 339,000 jobs, while the unemployment rate remained steady at 3.7%.
However, at the closing of trading in New York, the major indices showed a slight decline: the Dow Jones index closed with a loss of 0.38%, the S&P 500 index lost 0.20%, and the NASDAQ Composite index decreased by 0.18%. Despite the correction in the markets, the US economy continues to strengthen, casting doubt on pessimistic forecasts.
Dow Jones and S&P 500: winners and losers of the day
US stock markets closed mixed today. Despite the overall decline in the indexes, some stocks showed significant growth.
Among the components of the Dow Jones, the most successful were aerospace company Boeing Co (NYSE: BA), which rose by 1.13% and reached $213.31. Salesforce Inc (NYSE: CRM) gained 1.03% and closed at $213.82. Walgreens Boots Alliance Inc (NASDAQ: WBA) finished at $29.26, increasing by 0.83%.
However, not all companies can boast such results. Intel Corporation (NASDAQ: INTC) fell by 3.3%, dropping to $32.51. 3M Company (NYSE: MMM) rose by 2.48% and closed at $98.63, but Goldman Sachs Group Inc (NYSE: GS) decreased by 2.01%, ending the trading day at $320.05.
Among the components of the S&P 500 index, top gainers were PG&E Corp (NYSE: PCG), which rose by 3.13% to $17.82, Fidelity National Information Services Inc (NYSE: FIS), which increased by 3.10% and closed at $59.80, and SBA Communications Corp (NASDAQ: SBAC), which rose by 2.97% and closed trading at $240.97.
On the other hand, Generac Holdings Inc (NYSE: GNRC) dropped by 8.05% and closed at $138.48, Las Vegas Sands Corp (NYSE: LVS) lost 5.62% and ended the day at $55.30, while Qorvo Inc (NASDAQ: QRVO) declined by 5.36% and closed at $97.59.
Thus, despite the overall downtrend in the market, some companies demonstrated resilience and even growth.
NASDAQ Composite: winners and losers of the day
At the end of today’s trading on NASDAQ Composite, the leaders in growth were Mullen Automotive Inc (NASDAQ: MULN), which rose by 69.38% and closed at $0.17. BioXcel Therapeutics Inc (NASDAQ: BTAI) also saw significant growth, gaining 42.26% and finishing the session at $11.21, while Impel Neuropharma Inc (NASDAQ: IMPL) rose by 36.35% and closed trading at $1.70.
However, not all companies were able to demonstrate such success. Canopy Growth Corp (NASDAQ: CGC) fell in price by 22.19% and closed at $0.46. Connexa Sports Technologies Inc (NASDAQ: CNXA) lost 21.09% and ended the session at $0.21. AXT Inc (NASDAQ: AXTI) dropped by 19.09% to $2.84.
Overall, on the New York Stock Exchange, the stocks of a greater number of companies lost value: 2,074 against 890 that increased in price. On the NASDAQ stock exchange, the number of declining stocks at 2,262 also exceeded the number of rising stocks of 1,278, while the prices of the stocks of 135 companies remained unchanged.
Nevertheless, PG&E Corp (NYSE: PCG) showed significant growth, reaching a 3-year high and rising by 3.13% to $17.82.
At the same time, the CBOE Volatility Index, which is based on options trading on the S&P 500, increased by 3.50% to a level of 14.18. This indicates increasing uncertainty in the market, as volatility typically rises during periods of economic instability or uncertainty.
The material has been provided by InstaForex Company – www.instaforex.com
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