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Benchmark US indices continued retreating on Tuesday, December 14, ahead of Federal Reserve’s policy decision on Wednesday after a two-day meeting. The central bank is expected to wind down the bond purchase faster than anticipated next year.
The S&P 500 declined 0.75% to 4,634.09. The Dow Jones decreased 0.30% to 35,544.18. The NASDAQ Composite was down 1.14% to 15,237.64, and the small-cap Russell 2000 declined 0.91% to 2,160.73.
The stimulus package and lower interest rates helped the market growth this year. The market remained jittery today, expecting the direction from Fed’s meeting tomorrow. Economists expect the interest rate to increase before June next year to keep inflation in check.
Meanwhile, the Labor Department said that the producer-price index increased 0.8% in November over the previous month. The index reflects the prices that suppliers charge from businesses.
Separately, Apple Inc. (AAPL) market value crossed US$3 trillion, making it the world’s most valuable company. The market valuation from US$2 trillion to US$3 trillion reached in around 16 months, driven by the pandemic led growth in the technology sector this year. Its stock fell 1.64% at 12:49 pm ET, Tuesday.
Nine out of 11 sectors in the S&P 500 index remained in red on Tuesday. Financials and Consumer Staples sector were the top gainers while Information Technology, Real Estate, and Consumer Discretionary were the hardest hit sector in the S&P 500 index.
Healthcare company Galera Therapeutics, Inc. (GRTX) stock jumped more than 130% intraday after announcing corrected results from cancer patients' Phase 3 ROMAN trial data.
Terminix Global Holdings, Inc. (TMX) stock soared 17.31% at 1:36 pm ET on Tuesday after Rentokil Initial Plc announced to buy Terminix for US$6.7 billion in a stock-and-cash transaction.
The global cryptocurrency market declined 0.58%, according to coinmarketcap.com. The Dogecoin made a significant jump of 20.48% to be at US$0.1919 at 12:53 pm ET after Mr Musk tweeted that Tesla would make some merchandise and accept the coin as payment for it.
In the Financial sector, Bank of America Corporation (BAC) stock surged 1.38%, Morgan Stanley (MS) grew 1.80%, and Charles Schwab Corporation (SCHW) increased by 1.54%. Goldman Sachs Group (GS) grew 1.65% and Citigroup Inc. (C) surged 0.76%.
In the Information technology sector, Apple Inc. (AAPL) stock fell 0.65%, Microsoft Corp. (MSFT) declined 3.56%, and Visa Inc. (V) was down 0.34%. Cisco Systems Inc. (CSCO) and Salesforce.com Inc. (CRM) were down 1.50% and 3.80%, respectively.
In the Real Estate sector, American Tower Corporation REIT (AMT) declined 0.94%, Prologis Inc. (PLD) fell 1.305, and Crown Castle International Corp. REIT (CCI) was down 1.68%. Iron Mountain Incorporated (IRM) and Digital Realty Trust Inc. (DLR) decreased by 2.93% and 2.37%, respectively.
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Futures & Commodities
Gold futures declined 0.97% to US$1,770.95 per ounce. Silver futures decreased by 1.73% to US$21.942 per ounce, while copper declined 0.46% to US$4.2642.
Brent oil futures decreased by 1.32% to US$73.41 per barrel and WTI crude futures were down 1.22% to US$70.42.
Bond Market
The 30-year Treasury bond yields increased 0.57% to 1.823, while the 10-year bond yields were up 1.20% to 1.441.
US Dollar Futures Index surged 0.27% at US$96.535.
