The Dow Jones Industrial Average closed lower on Monday (June 27) with the market pressured by selling of growth stocks, which are interest rate-sensitive. While investors are eyeing the release of gross domestic product (GDP) numbers for the first quarter of the US tomorrow.
The Dow Jones Industrial Average closed at 31,438.26, down 62.42, or -0.20%, the S&P500 closed at 3,900.11, down 11.63, or -0.30%, and the Nasdaq closed at 11,524.55, down 83.07, or -0.72%.
Sam Stovall, CFRA analyst New York State Research said: The trading atmosphere on the New York Stock Exchange is sluggish. Because the market lacks leading factors this week. next week Investors are expected to keep an eye on the earnings reports of listed companies.
Growth stocks, which are interest rate sensitive stocks such as technology and luxury stocks, declined. The yield on the 10-year U.S. Treasury rose to 3.202 percent overnight, with Amazon down 2.78%, Microsoft down 1.05%, Netflix down 0.90% Al. Fabette was down 1.82 percent, Ralph Lauren was down 2.17 percent, Nike was down 2.13 percent.
Cryptocurrency trading platform Coinbase Global fell 10.76 percent after Goldman Sachs downgraded Coinbase to “Sell” from “. Buy”
However, energy stocks rallied in line with WTI oil prices, with Exxon Mobil up 2.38%, Chevron up 1.92%, Schlumberger up 2.37%, Phillips 66 up 3.56%. Halliburton jumped 4.17 percent.
Shares of Robinhood Markets, an online brokerage that offers free, app-based stock trading, jumped 14% after media reports reported that FTX, the private equity firm. The world’s largest cryptocurrencies Considering making an offer for Robin Hood’s acquisition
Biontech shares jumped 7.21 percent after the company said. Covid-19 vaccine Biontech’s booster needles are more effective in building immunity against omikron strains.
for the US economic data reported on Monday. The US Commerce Department said Orders for US durable goods, such as planes, cars and heavy machinery that last three years or more, rose 0.7% in May after a 0.4% gain in April. Durable in May, driven by car orders
The National Association of Realtors (NAR) said its pending home sales index rose 0.7% in May from month to month. After falling for 6 consecutive months, the index of contracts to sell houses waiting to close It is a measure of the number of second-hand home purchase contracts that have been signed but not yet closed. And it usually takes about 1-2 months for a contract to be signed until the sale is closed.
Investors are eyeing the release of 1Q22 GDP figures released by the US Department of Commerce on Wednesday. which will be the last estimated number
