Investors will be watching a pair of important inflation readings later this week, seeking greater clarity on the future of the Federal Reserve’s rate cuts. The publication of the consumer price index for December is expected.
Thus, Dow Jones Industrial Average loses 0.5%. Meanwhile, the S&P 500 fell 0.1% and the Nasdaq Composite fell almost 0.2%.
New York Stock Exchange
The main indices of Wall Street face a bad day this Tuesday, January 9, marked by the pressure generated by the increase in US Treasury bond rates and fading expectations of an early interest rate cut. All this ahead of the long-awaited release of a key inflation report this week.
High-caliber stocks, such as Microsoft, Apple, Tesla and Amazon, suffer declines between 0.8% and 2%, coinciding with a rise in short- and long-term Treasury bond yields that exceed 4% . On the other hand, Nvidia (NASDAQ: NVDA) fell 0.7% after reaching all-time high prices following the announcement of new components related to artificial intelligence.
Thus, Dow Jones Industrial Average loses 0.5%. Meanwhile, the S&P 500 fell 0.1% and the Nasdaq Composite fell almost 0.2%.
In the technology space, several names are showing red numbers on Tuesday, reversing solid gains from the previous day. Unity Software sees a 7.1% drop after announcing a cut of approximately 25% of its workforce, and Netflix shares fell almost 2% after a Citi downgrade. Apple also suffers a decline of around 1%, while Tesla depreciates by more than 3%.
Wall Street: the data analyzed by the market
“We are witnessing a move away from large technology companies hreaches deeper segments of the market that had been neglected… For example, we are seeing increased investor interest in the healthcare sector,” commented Quincy Krosby, chief global strategist at LPL Financial, quoted by the US press. “Yesterday’s market breadth included the Russell 2000, which is positive for the general tone of the market.
Investors will be watching for a couple of important readings on inflation later this week, seeking greater clarity on the future of the Fed’s rate cuts. The December consumer price index is expected to be released on Thursday, followed by the producer price index on Friday.
Source: Ambito
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