{"id":31322,"date":"2022-06-01T00:33:58","date_gmt":"2022-06-01T00:33:58","guid":{"rendered":"https:\/\/harchi90.com\/nasdaq-sp-500-dow-jones-finish-lower-trimming-last-weeks-rebound\/"},"modified":"2022-06-01T00:33:58","modified_gmt":"2022-06-01T00:33:58","slug":"nasdaq-sp-500-dow-jones-finish-lower-trimming-last-weeks-rebound","status":"publish","type":"post","link":"https:\/\/harchi90.com\/nasdaq-sp-500-dow-jones-finish-lower-trimming-last-weeks-rebound\/","title":{"rendered":"Nasdaq, S&P 500, Dow Jones finish lower, trimming last week’s rebound"},"content":{"rendered":"
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naphtalina \/ iStock via Getty Images<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Stocks finished with a modest losses on Tuesday, as investors came out of a three-day holiday weekend with doubts about the direction of the major averages after last week’s substantial rebound. Following a choppy session that saw some trading in positive territory, all three of the major US equity indices closed lower.<\/span><\/p>\n

The Nasdaq (COMP.IND<\/span>) finished -0.4%<\/span>the S&P (SP500) ended -0.6%<\/span> and the Dow Jones (DJI<\/span>) closed -0.7%<\/span>.<\/p>\n

Last week, stocks finally broke a long-standing weekly losing streak. The Nasdaq ended Friday’s session higher by 3%, closing above 12,000 for the first time since early May.<\/p>\n

The Nasdaq remained above the 12,000 mark on Tuesday, although it trimmed its recent gains by 49.74 points to close at 12,081.39. The S&P 500 slipped 26.09 points to end Tuesday’s action at 4,132.15. The Dow dropped 222.84 points to finish at 32,990.12.<\/p>\n

Nine of the 11 S&P sectors ended lower. Energy, Health Care and Materials were among the worst performers. Communication Services and Consumer Discretionary finished modestly higher.<\/p>\n

In the bond market, rates pushed higher during the session. The 10-year Treasury yield climbed 12 basis points to 2.87% and the 2-year yield advanced 5 basis points to 2.55%.<\/p>\n

“Equities finally reversed their weekly losing streak with authority, which sets the stage for summer chop in the 3,800 and 4,250 zone, ‘Jonathan Krinsky, technical strategist at BTIG, said.” Ultimately, we continue to think 3,400-3,500 is likely, but it’s probably a late summer or early fall event. “<\/p>\n

Krinsky added: “The bigger near-term event that we see is a momentum reversal in sector performance. The strategy of buying winners and selling losers is coming off the most extreme level in over 13 years. This means energy should be vulnerable into a seasonal weak time of year, while tech \/ growth \/ long-duration should be able to bounce further. “<\/p>\n

Looking to the economic front, the March FHFA House Price Index showed signs of easing in March: + 1.5% M \/ M vs. + 1.9% consensus and + 1.9% prior figure (revised from + 2.1%).<\/p>\n

Meanwhile, the Conference Board said its May consumer confidence index dropped to 106.4, not as big a decline as expected.<\/p>\n

“As always, remember that sentiment and spending are not the same thing, and we have no experience of how these surveys behave when consumer have huge piles of excess savings, accumulated during Covid,” Pantheon Macro’s Ian Shepherdson said. “So far, they have been willing to dip into these savings despite reporting that they feel less positive. It’s not called retail therapy for nothing, but we just don’t know how long it will continue.”<\/p>\n

In commodities, oil moved higher early in the day, topping $ 119 a barrel, as EU leaders have agreed to ban most Russian oil imports. However, crude largely reversed those early gains to return to a level around $ 115 a barrel.<\/p>\n

Among individual stocks, DexCom posted gains after the company rejected M&A rumors.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

naphtalina \/ iStock via Getty Images Stocks finished with a modest losses on Tuesday, as investors came out of a three-day holiday weekend with doubts about the direction of the major averages after last week’s substantial rebound. Following a choppy session that saw some trading in positive territory, all three of the major US equity …<\/p>\n

Nasdaq, S&P 500, Dow Jones finish lower, trimming last week’s rebound<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":31323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/static.seekingalpha.com\/cdn\/s3\/uploads\/getty_images\/1257405518\/image_1257405518.jpg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/static.seekingalpha.com\/cdn\/s3\/uploads\/getty_images\/1257405518\/image_1257405518.jpg?io=getty-c-w750","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31322"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=31322"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31322\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/31323"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=31322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=31322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=31322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}