Sunday, June 4, 2023

The US market closed with losses amid concerns about a possible recession

Wall Street closed this Monday in the red, with the Dow Jones Industrials, its main indicator, falling 0.14%, as investors study the next steps of the United States Federal Reserve (Fed) in its meeting this week.

At the end of operations, the Dow Jones fell to 34,051 units and the selective S&P 500 subtracted 0.04% to 4,147 points.

For its part, the Nasdaq composite market index, in which the main technology companies are listed, depreciated 0.11% to 11,854 integers.

This week, investors are once again concerned about a possible economic downturn and are considering whether the central bank could raise interest rates again at its meetings this week.

The Fed, which will meet on May 2-3, is expected to increase interest rates by another 25 basis points.

In addition, today the US authorities intervened the First Republic bank (-43.30%) and sold it to the banking giant JPMorgan Chase (2.14%).

The purchase agreement was for $10.6 billion, including uninsured deposits and virtually all assets.

First Republic reported last week that deposits fell more than 40% in the first quarter, sending stocks down further. Since the beginning of the year, shares have plunged 97%.

The sectors that closed today with the biggest gains were healthcare and industrials, with an increase of 0.59% and 0.55%, respectively. While the biggest losses were for energy and non-essential goods, which fell by 1.26% and 1.06%, respectively.

Among the 30 Dow Jones stocks, the companies with the biggest losses were Intel (-2.45%) and Walgreens (-1.82%), while the biggest gains were for JPMorgan and Nike (0.59%).

In other markets, Texas oil closed at 75.66 dollars per barrel, and at the end of the trading session the yield on the 10-year US bond rose to 3.576%, gold fell to 1.988 dollars per ounce, and the dollar gained ground against the euro, with a change of 1.0972.

World Nation News Desk
World Nation News Desk
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