U.S. indexes try to recover from worst day since June 2020*

U.S. indexes try to recover from worst day since June 2020*
U.S. indexes try to recover from worst day since June 2020*

All three major indexes overseas opened Wednesday’s session in green territory

Photo: Michael Nagle/Bloomberg

Major U.S. indexes got off to a shaky start to the session on Wednesday, with investors scrambling to stabilize after Tuesday’s biggest one-day drop in more than two years.

The Blue Chip Index Dow Jones Industrial Average added 41.49 points to a level of 31,151.11 points. The broad gauge S&P 500 has recorded a growth of 0.30% to a level of 3944.70 points. The technological indicator Nasdaq Composite is up by 0.55% to a level of 11,699.84 points.

The book of Apple and Johnson & Johnson rose more than 1% and supported the Dow, but stock prices of Honeywell and Boeing decrease by more than 1%.

The market jitters come after August consumer price data showed inflation accelerated to 0.1% on a monthly basis despite a drop in gasoline prices.

The tepid inflation data raised questions about whether the indexes could retrace their June lows or see an even bigger drop. They also raised concerns that the Federal Reserve could move to raise interest rates even more than the 75 basis points expected by markets.

Macroeconomically, U.S. producer prices fell for a second month in a row in August as gasoline prices continued to fall. This resulted in the smallest annual increase in a year. These data may allay concerns that inflation is firmly entrenched in the US economy.

Seven of the 11 major sectors in the S&P 500 opened higher on Wednesday, led by a 3.1% gain in the energy sector. Banks add 0.5% to their value.

On the corporate front, the papers of Tesla rose 1.5% after the electric car maker was one of the biggest losers yesterday.

The share price of Starbucks rose 4.5% after the coffee shop chain raised its three-year profit and sales forecasts.

On the bond market, the yield on The 10 year olds and on 30-year US Treasuries decreases to 3.4% and 3.472% respectively.

In the currency markets the dollar indexwhich tracks the U.S. dollar’s performance against a basket of six other major currencies, was down 0.35 percent at 109.43. The euro rose 0.21% to $0.999, a the pound added 0.75% to $1.158. Towards the yen The US dollar fell 1.3% to 142.65 yen per dollar.

In commodity markets, the price of oil stabilized after falling by more than $1 in the previous session. This happened after the report of International Energy Agencywhich lowered its forecasts for oil demand through the end of this year and early next year.

Futures on the international benchmark Brent added one cent to $93.20 a barrel. US light crude oil contracts WTI were up four cents at $87.35 a barrel.

US futures on the gold shed 0.1% to $1,715.10 a troy ounce.

*The information is current as of 5:30 p.m. Bulgarian time.

The article is in bulgaria

Tags: #U.S indexes recover worst day June

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