Investors are eagerly awaiting the release of US GDP and jobs data in the coming days to gauge the performance of the US economy.
Wall Street ended the session lower today, as the market failed to recover from heavy losses suffered on Monday, pending new economic statistics to be released in the coming days.
The Dow Jones edged up 0.01% to 33,852.53, the Nasdaq fell 0.59% to 10,983.78, while the S&P 500 fell 0.16% to 3,957.63. units.
Investors are eagerly awaiting the release of US GDP and jobs data in the coming days to gauge the performance of the US economy. They are also awaiting a speech by Federal Reserve Chairman Jerome Powell on Wednesday for further indications of whether the US central bank will slow its pace of interest rate hikes.
After losses of about 1.5% on Monday, Wall Street took a breather from the announcement by the Chinese authorities that it will speed up vaccination of the elderly. Also, the government announced the first reduction in Covid-19 cases in more than a week. This development pushed markets in Hong Kong and Shanghai to rally.
The next 10 to 14 days will be “rich in new statistics” that will help investors and policymakers get an idea of how inflation and growth will shape up next, says Bill Northey.
Apple’s stock fell 2.1%, posting a fourth straight session of decline. Accordingly, shares of Amazon, Nvidia and Tesla fell more than 1% each.
