NY stock closes lower with signs of the Fed, inflation and data on the radar

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The New York Stock Exchange closed on Tuesday, the 31st. Indices came in to operate in positive territory for part of the day, but the negative picture prevailed, with investors paying attention to the indicators, to the trajectory of inflation, for a meeting between Federal Reserve Chairman Jerome Powell and the US Federal Reserve. Chairman of Joe Biden and the risks to growth.

The Dow Jones Industrial Average was down 0.67% at 32,990.12 points, the S&P 500 was down 0.63% at 4,132.15 points and the Nasdaq was down 0.41% at 12,081.39. The Dow Jones was down 0.22% for the full month of May, the S&P 500 was down 0.56% and the Nasdaq was down 3.63%.

Coming back from Monday’s holiday, the shares opened with a fall. Recent statements by Fed officials about monetary tightening have dampened the appetite for equities.

However, losses narrowed in the morning after the Institute for Supply Management’s (ISM) Purchasing Managers’ Index (PMI) in the US rose to 60.3 in May, well above analysts’ forecasts.

Still on the agenda for the day, the country’s consumer confidence index, prepared by the conference board, declined from 108.6 in April to 106.4 in May, but above expectations.

The picture on the stock exchanges in the middle of the day was mixed, with Nasdaq in positive territory. There was even more breath after Biden’s statements at the meeting with Powell, reaffirming his commitment to controlling inflation.

Beyond that, however, stock markets declined further, with most sectors falling, with the exception of communications services, with Amazon up 4.40%.

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Among other major stocks, Apple was down 0.53%, Microsoft was down 0.50% and Alphabet was up 1.29%. In the energy sector, Chevron closed 2.03% and ExxonMobil, down 1.63%, on a negative trip for oil, while other stocks Boeing fell 0.63% and among banks, Citigroup 0, 39% and JPMorgan retreated 0.73%. Gone.

About the author: Sarah Gracie

"Proud social media buff. Unapologetic web scholar. Internet guru. Lifelong music junkie. Travel specialist."

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