The New York Stock Exchange closed on a relatively stable note on Tuesday. Investors keenly await the new season of quarterly corporate earnings results and the most up-to-date inflation data.
The Dow Jones lost 0.34% or 117.72 points to 34,378.34. The S&P 500 closed with a loss of 0.24% or 10.54 points, at 4,350.65. Meanwhile, the Nasdaq fell by 0.34% or 117.72 points, to 34,378.34.
Experts say that major global supply disruptions are fuelling inflation pressures.
Tom Cahill from Ventura Wealth Management Stated that the market is looking for direction. However, it won’t find it until there are corporate results. He also mentioned the possibility for companies to lower their forecasts.
The market also paid attention to the speech of the fed vice president who estimated that the recovery of the job market was sufficiently advanced to justify a slowdown in purchases of assets by the Central Bank.
After having expanded sharply in recent days, bond rates reduced. The ten-year US government bond yield dropped to 1.57%, after beginning the day at 1.63%.
As for the equities, Nike advanced by 2.04% after Goldman Sachs published a note advising to buy the stock. The investment bank argued that the current supply problems of the sports equipment manufacturer were temporary.
Airbnb added 3.65% after the note of the financial firm Cowen stating that investors underestimate the upturn in rentals in 2022 and the long-term market potential.
General Motors increased by 1.50% after announcing that LG will offset up to $2 billion in additional costs related to defects in the battery of its Bolt electric vehicles, manufactured by the Korean group.
Meanwhile, Tesla gained 1.74%, benefiting from record sales figures from China. The electric vehicle maker sold more than 56,000 cars in the country in September.
The Hong Kong Stock exchange will not operate today, on Wednesday. Typhoon Kompasu, the second tropical cyclone to hit Hong Kong in less than a week, brought heavy rain to Hong Kong overnight.
The local authorities raised the storm warning alert from number 3 to 8, the third-highest on the scale.
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