S&P, Dow drop as financials’ losses offset tech stocks' gains

by   |  VIEW 348

S&P, Dow drop as financials’ losses offset tech stocks' gains

On Wednesday, the 6th of May 2020, S&P 500 alongside Dow had pared yesterday’s (May 5th) gains and contributed sharply to another debacle in the Wall St. following release of a deluge of dismal economic data all over the world, while the losses of defensives alongside financials had overshadowed gains of the tech stocks, as a much-bleaker than anticipated US payroll data released on Wednesday (May 6th) had shown more than 20 million private-sector jobs were shredded off last month, remarking a fifth of the entire US workforce had been out of a job in latest debarkation of a pandemic-driven downfall.

Aside from that, rubsalting the wounds, the tech stocks lost much of its earlier gains at the later part of the day after the US President Donald Trump had been quoted saying that China, the world’s second-largest economy, might or might not be keeping a trade deal agreed on January 15th this year aimed at putting an end to a nearly 18-month long trade war which had toiled trillions of dollars from the money markets.

Meanwhile, referring to an upscaled haziness robocasting Wall St. outlook amid a sharp nosedive in global economy, Tallbacken Capital Advisors Chief Executive Michael Purves said on Wednesday (May 6th), “We are dealing with a very fragile rally.

Selling into the close doesn’t make you feel good. ” Citing statistics, on Wednesday’s (May 6th) Wall St. round off, the trade-sensitive Dow dwindled 0.91 per cent to 23,664.64 and the S&P 500 fell by 0.70 per cent to 2,848.42, while the tech-heavy Nasdaq Composite had managed to wind up the day 0.51 per cent higher to 8,854.39 despite a sweeping sell-off wave in late-afternoon trading.