Wall Street closed this Wednesday in red. The Dow Jones, its main indicator, slipped by 0.48% after a volatile day that rose after the Fed’s minutes of April.
At the close of the New York Stock Exchange session, the Dow Jones cut 164.62 points to 33,896.04. The selective S&P 500 dropped by 0.29% or 12.15 points, to 4,115.68.
The Nasdaq composite index, which lists the main technology companies, started the day with the worst prospects. It lost a slight 0.03% or 3.90 points, to 13,299.74.
The New York stock market began the session with massive sales that at its worst decrease. The Dow Jones yielded more than 500 points, but the indicators were rising until losses reduced considerably.
By sectors, technology (0.33%) and communications (0.1%) ended in the green. Meanwhile, the energy sector was hit the most, slumping by 2.53%. On the other hand, Basic materials decreased by 1.54%.
The Fed mentioned that it could reconsider easing policies
Since last week’s release of April inflation data, investors have been nervous. However, they appeared to calm down after reading the Fed’s latest monetary policy meeting.
The central bank reiterated that it sees the rise in prices as a transitory factor due to the rebound in demand and specific problems in the supply chain. Still, it acknowledged that it could begin to discuss reducing the purchase of debt.
If the economy continues to record rapid progress, several participants noted that, at some point, it might become appropriate for meetings to begin to discuss a plan to adjust the pace of asset purchases. The benchmark 10-year Treasury yield extended by 1.678% in reaction to that information.
Among the 30 listed on the Dow Jones, Chevron was the most affected, dropping by 2.81%. Nike yielded 1.92%, and Goldman Sachs lost 1.70%.
Among the technology companies, Salesforce gained 3.27%, Intel climbed by 0.95%, and Microsoft added 0.25%.
On the other hand, Wall Street followed the plummeting of bitcoin this morning to $30,000. It was due to concerns from China and the European Central Bank. At the close of the stock market, the cryptocurrency rebounded to about 40,000.
Tesla, Elon Musk, was down 2.49%. The company’s founder recently raised doubts about his support for the primary digital currency. Amid the cryptocurrency selloff, Tesla’s shares sank. Musk tweeted that he was not going to sell Bitcoin because of its drop.