Stock market performance today ended mixed with tech going down again after losing steam. Over the past few days, tech stocks have managed to bounce back and gain momentum again, after traders have at least digested information about producer and consumer goods prices.
The fear over price increase and inflation had been successfully shaken off for the mean time when the FOMC stepped up and gave an announcement that such changes are short-term and not very impactful when considering the overall situation of the economic recovery. As such, changes on the monetary policy are not happening anytime soon, curbing the worries of most of the investors.
Though the prospects of inflation have negatively impacted tech stocks, its effects on precious metals brought silver and gold to higher prices and was tagged by the Deutsche Bank as the best performing non-currency assets for May, with an 8.1% and 7.9% increase respectively. Another batch of economic data is expected to arrive later this week, which is from the U.S. labor market.
Investors are keeping an eye out for the May jobs report to see how much the economy has recovered based on the available jobs and the current labor shortages that will be presented on the report.
NASDAQ Composite index along with S&P 500 index were both little changed, staying close to the line just slightly lower with less than 0.1% losses for both of them. The Dow Jones Industrial Average managed to jump up more than 0.1% despite the falling trend throughout the session.
Below are the general movement on the market as of Tuesday:
- The Dow Jones Industrial Average up to 34,575.70 after gaining 46.25 points or 0.13%.
- The S&P 500 Index little changed after sliding by 2.04 points or 0.05% and wrapped at 4,202.07.
- NASDAQ Composite Index ended slightly lower at 13,736.48 after losing 0.09% or 12.26 points.
- S. 10 Year Treasury yield is up by 3.4 basis points and at 1.6150%.
- Crude is at $67.95 per barrel after gaining 2.46% or $1.63.
- Gold is currently at $1,902.50 an ounce after losing 0.15% or $2.80.
Treasury yields slight up across the curve, with most of them getting minor pushes while Crude and Brent Oil prices experienced increase after OPEC+ gave a statement that oil prices may slide once the pandemic recovery is more pronounced later this year.