Wed. Oct 27th, 2021

US stocks are set in the narrowest range since 2019: markets are running out


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US stocks fluctuated between gains and losses as the S&P 500 benchmark traded in the narrow trading range since before the Covid pandemic rocked global financial markets. The dollar strengthened, while yields on Treasury bills rose.

The energy and materials sectors led to declines in the S&P, which has almost doubled in value compared to the lows reached in March last year. Health actions increased. The U.S. equities benchmark has averaged 0.5% daily in August, forecast for the quietest month since November 2019. Micron Technology caused chip makers to drop after Morgan Stanley downgraded shares due to concerns about the memory chip market. Crude changed little.

“We’re in that pretty limited range when it comes to stocks,” said Chris Gaffney, president of global markets at TIAA Bank. “I think right now the biggest risk is still the delta variant and a secondary risk would be an increase in inflation.”

The Treasury changed almost shortly after U.S. state unemployment benefits fell for the third week in a row.

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