Sun, April 21, 2024

Wall Street closes in red for the second consecutive day

Wall street

Wall Street extended losses for the second consecutive day. Its primary indicator, the Dow Jones of Industrialists, plunged by 0.75%. Markets had high expectations for economic recovery. However, they are now recovering from those positions since global health authorities expect new waves of coronavirus cases. 

At the close of the NYSE session, the S&P 500 contracted by 0.68% or 28.32 points to 4,134.94 units.

The Nasdaq composite index lost a notable 0.92% or 128.50 points to settle at 13,786.27 units.

Most of the sectors dipped, led by energy companies which saw a 2.66% plunge. Furthermore, financial companies dropped by 1.81%; non-essential goods experienced a 1.22% decline, and industrial companies plunged by 1.09%.

The New York stock market reacted with purchases to the results disclosed in the last hours by IBM, Johnson & Johnson, and Procter & Gamble. However, the general tone of the session was pessimistic.

The markets are very close to their ceiling, analysts say

Investors have an eye on the wave of infections in India, which has exceeded 15 million cases with a daily record of 273,000. They are awaiting possible restrictions that raise concerns about the economic recovery.

Meanwhile, in the US, the universal vaccination campaign continues with about 67,000 cases a day. Despite this fact, some analysts indicate that the markets are very close to their ceiling.

Seema Shah, an analyst at Principal Global Investors, believes the only risk is that the expectations are so high they are challenging to meet. According to him, we are entering a territory, both in tough economic data, in which it will be very difficult to have positive surprises.

Meanwhile, shares of the firms which returned to normality plunged. The airlines United led them by a decrease of 8.53%. Not only but also, American dropped by 5.48%, the cruise chains Royal Caribbean yielded 3.23%, and Norwegian Cruise contracted by 4.36%.

The entertainment firm Live Nation plunged by 4.36%, and the Hilton hotels saw a 2.95% decrease.

Among the 30 Dow Jones firms, the most significant setbacks were for Boeing with a 4.13% decline, Nike (-4.12%), Goldman Sachs (-3.27%), Dow Inc (-3.21%), and Walt Disney (-2.48%).

Outside of that group, Netflix reduced by 0.88% in the session. After the closing of operations, it fell 10% due to worse than expected results.

In other markets, Texas oil fell to $62.44 per barrel, and at the close of Wall Street, the yield on the 10-year Treasury bond slipped by 1.564%. Gold rose to $1,779.30 per ounce, and the dollar fell against the euro, with a change of 1.2034.

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