On Monday, a slew of US stock indices closed out the session in a mixed tenure with both trade-sensitive Dow and benchmark S&P 500 wrapping up the day in red inks, as investors remained utterly cautious a day after the Finance Ministers of Group of Seven (G7) had agreed to a global minimum corporate tax rate.
In point of fact, in the day’s heedful moves from market participants came against the backdrop of a number of key fundamentals including a lingering inflation fret that followed a record annual gain in core PCE (Personal Consumption Expenditure) Index that stormed past US Fed’s target of 2.0 per cent last month, while a lack of fresh impetus had prompted investors to hold their horses.
Nonetheless, although trade-sensitive Dow and benchmark S&P 500 winded up the day in a negative territory, both benchmarks stayed just shy of one percentage point of their all-time closing highs. However, a latest leg of Reddit stock discussion group-led retail buying frenzy currently in its third straight week in a row, continued to gain traction, sending the so-called meme stocks higher and helping Nasdaq to curtain the session in the black.
Wall St. ends lower, meme stocks lift Nasdaq
Citing statistics, in the day’s Wall Street closing bell, trade-sensitive Dow dwindled 0.36 per cent to 34,630.24 and benchmark S&P 500 shed 0.08 per cent to 4,226.52, while tech-heavy Nasdaq gained 0.49 per cent to 13,881.72.
Meanwhile, addressing to a lack of fresh impetus in the day’s Wall St., a chief investment officer at NovaPoint in Atlanta, Joseph Sroka said, “Thematically, we’re done with earnings, so you have this lull in between earnings when what drives the market is economic data points.
There’s not a lot of impetus for investors to take action today. There’s been this flip-flop between whether inflation will be transitory or persistent, and the next card that gets flipped over for that is the CPI report on Thursday. ”