
BoA has tracked signs of the upcoming stock market sell-off. While more expensive and at-risk stocks are set to fall, value stocks should survive.
On Tuesday, the American stock market inched down following Monday’s session because market participants sold the shares of the technology sector amid rekindled concerns of a trade war.
At the same time, the major indices traded below their 200-day moving averages, and the S & P 500 index concluded below this key technical level for the first time since the referendum in the United Kingdom as for withdrawal from the European Union in June 2016.
The first trading day of the second quarter started with a general sale, concentrated in the shares of technology companies as well as enterprises of the secondary goods and services sector.
Microsoft, Tesla and Amazon were affected by China's retaliatory trading measures, uncovered on Sunday.
At the close of the New York Stock Exchange, the Dow Jones index headed south 1.9% hitting 23,644.19, the S & P 500 index sank 2.23% being worth 2,581.88, while the Nasdaq Composite index inched down 2.74%, showing 6.870.
Equities of Amazon.com put the greatest pressure on the S & P 500, diving 5.2% because of onlging attacks by Donald Trump on the online retailer.
All 11 main industry indices of the S & P 500 completed trades in negative territory, with the largest losses incurred by the index of the sector of minor goods and services as well as the technological sector, sagging by respectively 2.8% and 2.5%.
Pressure on Nasdaq was provided by shares of Microsoft, Intel, Apple Inc, Facebook and also Alphabet .
Tesla Inc's equities concluded down 5.1%after the company posted output of 2,000 Model 3 cars a week, which is below the objective of 2,500 vehicles. Equities of the insurance company Humana Inc managed to ascend 4.4% on news that it’s currently negotiating with Walmart to expand the partnership or a probable purchase by its retailer.
BoA has tracked signs of the upcoming stock market sell-off. While more expensive and at-risk stocks are set to fall, value stocks should survive.
On Saturday, the US Food and Drug Administration approved Johnson&Johnson’s vaccine for emergency use against Covid-19. Will JNJ rise?
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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