The US authorities filed a lawsuit against Facebook - what are the implications?
Dow is backed by energy equities
On Wednesday, the Nasdaq index headed south, suppressed by a sink in Apple as well as other companies on worries of further regulation. Meanwhile, a surge in energy equities and also a report of fresh US-China trade negotiations backed the S&P and the Dow Industrials.
The American government has come up with another round of trade negotiations with the Chinese authorities before the Trump administration slaps extra levies on China’s products, as the Wall Street Journal informed.
The trade-sensitive industrials sector managed to rally on the news, adding 0.56%. Boeing tacked on by 2.6%, while Caterpillar rallied by 0.9%.
Apple lost 0.6%. Alphabet, Twitter, and Amazon.com stood still or slumped by no more 4%. As for Facebook, it equities inched down by 1.6%.
As for the S&P technology sector, it went down by 0.60%, which is the greatest outcome among the 11 key S&P 500 sectors.
Meanwhile, the energy sector tacked on by 0.99 because crude surged because of soaring fears over global supply.
ET the Dow Jones Industrial Average rallied by 0.52% hitting 26,105.37. Additionally, the S&P 500 jumped by 0.04% being worth 2,889.02. The Nasdaq Composite dived by 0.50% reaching 7,932.98.
The Philadelphia Semiconductor index slumped by 2.13% right after Goldman Sachs appeared to be the latest brokerage to warn of lower costs for memory chips because of an oversupply of NAND and DRAM chips.
Micron headed south by 5.2%, which is the most impressive dive on the S&P.
Gilead Sciences headed north by 2.2%.
On the NYSE rising issues outclassed decliners by a 1.32-to-1 ratio. On the Nasdaq slumping issues managed to outperform advancers for a 1.51-to-1 ratio.
Meanwhile, the S&P index reported 27 fresh 52-week maximums as well as six fresh minimums, while the Nasdaq posted 58 fresh maximums as well as 69 fresh minimums.
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Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.