August 10, 2022

Taylor Daily Press

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U.S. stocks fell on weak consumer confidence

U.S. stocks fell on weak consumer confidence

U.S. stocks fell in early gains on Tuesday after a weaker-than-expected reading in consumer confidence.

  • Dow Jones Industrial Average DJIA,
    -0.64%
    185 points or 0.6% lower at 31,253.

  • S&P 500 SPX,
    -1.02%
    It was 38 points or 1% lower at 3,862.

  • Nasdaq Joint COMP,
    -1.77%
    It was down 202 points, or 1.8%, at 11,323.

  • On Monday, key indices rose to moderately low levels. The S&P 500, which fell in the bear market, is down 18% to date.

    What drives the markets?

    As Americans became more concerned about gas and food prices and the health of the economy, the Convention Board’s Consumer Confidence Index fell to a 16-month low of 98.7 in June. According to a poll by The Wall Street Journal, economists predict that number will fall to 100 from 103.2 in May.

    John Lynch, chief investment officer at Comerica Wealth Management, commented by email: “Continued weakness in optimism suggests that a recession environment will reach self-sufficiency.”

    “Money at home and two job opportunities for every job seeker can support economic activity, while inflation can weigh on sentiment and weigh on consumption and investment decisions,” Lynch said. “For equity investors, this is reflected in the continued leadership of securities linked to cycles in the first half of the year.”

    Global stocks, especially travel stocks, rose in early Tuesday, with analysts backing the Chinese government’s move. Reduce isolated time for international travelers And those with close contact with Covit-19 patients for 21 days to 10 days.

    Beijing will also ease testing requirements for isolated people.

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    In addition, six major US banks claim to have sufficient capital Maintain or increase their dividend After allotting enough shareholders to withstand the most severe economic conditions expected in the coming year.

    Wells Fargo & Co. WFC,
    + 0.97%
    And Goldman Sachs Group Inc. G.S.
    + 0.52%
    Both increased their pay by 20%, while Morgan Stanley MS.
    + 2.10%
    11% increase has been given. Bank of America Corporation BAC,
    + 0.91%
    Citigroup Inc. Increased its dividend by 5%. c,
    -0.72%
    And JPMorgan Chase & Co. JPM,
    + 0.43%
    They kept their dividends intact.

    Need to know: Howard Marx of Agra negotiates. “I start to act aggressive,” he says

    U.S. stock markets rallied on bond yields on Monday. Analysts had expected the month-end and quarterly portfolio restructuring to support stocks this week, although there are doubts about the sustainability of the recent lows.

    “When restructuring flows through muddy waters, it will be difficult to make final decisions at the end of the quarter,” said Marios Hadjigriagos, senior investment analyst at XM.

    BX 10-Year Treasury Yield: TMUBMUSD10Y 1 Basic Point 3.205%. Yield and credit prices are moving in the opposite direction.

    John Williams, chairman of the Central Bank of New York, said in a television interview that he expects the US economy to experience a recession but not a recession as the central bank tightens monetary policy in an effort to curb inflation. Williams said he expects policymakers to discuss another 50 or 75 basis point rate hike when they meet in July, after allowing a 75 basis point increase this month – the largest since 1994.

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    Data shows that the US trade deficit narrowed 2.2% to $ 104.3 billion in May.

    S&P Korlogic Case-Schiller 20-City Index released 21.2% year-on-year profit in April, Slightly higher than 21.1% in the previous month. In April, the 20-month index rose seasonally to 2.3%. A separate report by the Federal Housing Finance Agency showed a monthly return of 1.6%. Last year, the FHFA index rose 18.8%.

    Focusing companies
    • Nike Inc. NKE Then the stock fell 5.2% Earnings estimates of a garment manufacturer But the margins and especially in China were cautious. But Chinese stocks rose one after another Relaxing backup requirements In the second largest economy in the world.
    • Jet Blue Airways Corp.
      JBL,
      + 0.86%
      once again Raised his bid For discount carrier: Spirit Airways Inc.
      Save,
      + 1.99%
      It tries to outdo the competitor Frontier Group Holdings Inc.
      ULCC,
      + 3.15%
      Shares of JetBlue rose 0.5%, Spirit 1.4% and Frontier 2.2%. Popular US Global Jets EDF
      Jets,
      + 1.17%
      1.6% more.
    Other assets
    • ICE US Dollar Index DXY,
      + 0.45%
      The size of the coin against the basket of the six main competitors increased by 0.5%.

    • Bitcoin BTCUSD,
      -1.00%
      0.6% nea5 $ 20,600 less.

    • Oil futures rise with US benchmark CL.1
      + 1.94%
      A barrel rose 1.1% to $ 111. Gold Future GC00,
      -0.09%
      An ounce was down 0.1% at $ 1,822.

    • Stoxx Europe 600 SXXP,
      + 0.27%
      London FTSE 100 UKX, up 0.7%
      + 0.90%
      1.3% advanced.

    • Shanghai Joint SHCOMP,
      + 0.89%
      And Hong Kong’s Hong Cheng Index HSI,
      + 0.85%
      Elk finished up 0.9%, Japan’s Nikkei 225 NIK,
      + 0.66%
      0.7% more.