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Benchmark US indices ended mixed on Tuesday, September 27, with Dow Jones falling to its lowest level in 2022, and S&P 500 closing at its lowest level since November 2020.
The S&P 500 fell 0.21 per cent to 3,647.29. The Dow Jones was down 0.43 per cent to 29,134.99. The NASDAQ Composite added 0.25 per cent to 10,829.50, and the small-cap Russell 2000 rose 0.40 per cent to 1,662.51.
The hovering bearish sentiment in the market has triggered a massive sell-off in recent days, due to the still-high inflation, and policy rate hikes by the central bank.
The Federal Reserve had again announced a jumbo-hike last week, their latest move to fight the soaring costs, which seems to have spooked the investors. In addition to that, indications from the policymakers that the central bank may continue to back more rate hikes through next year have dampened the traders' sentiment.
Meanwhile, Chicago Fed President Charles Evans said on September 27, that at least another full percentage point jump is required by the central bank in the running year to curb the increasing costs.
The energy and material sectors were the gainers in the S&P 500 index on Tuesday. Seven of the 11 segments of the index stayed in the negative territory. The consumer staples and utility sectors were the bottom movers.
Shares of Hertz Global Holdings, Inc. (NASDAQ:HTZ) added over four per cent in the intraday session on September 27, after the car rental company announced a partnership with BP Plc's EV charging segment. According to the announcement, BP's charging segment would build thousands of charging stations in the US.
Jabil Inc. (NYSE:JBL) rose more than two per cent on Tuesday, September 27, after the manufacturing services firm announced its latest quarter earnings results while providing strong guidance for the ongoing quarter.
In the energy sector, Exxon Mobil Corporation (XOM) increased by 2.12 per cent, Shell plc (SHEL) rose by 2.71 per cent, and TotalEnergies SE (TTE) surged by 1.45 per cent. Equinor ASA (EQNR) and BP p.l.c (BP) advanced 4.23 per cent and 1.06 per cent, respectively.
In material stocks, BHP Group Limited (BHP) soared 2.17 per cent, Rio Tinto Group (RIO) gained 2.26 per cent, and Nutrien Ltd. (NTR) added 3.54 per cent. Freeport-McMoRan Inc. (FCX) and Southern Copper Corporation (SCCO) were up 1.40 per cent and 1.92 per cent, respectively.
In the consumer staples sector, Tesla, Inc. (TSLA) jumped 2.51 per cent, Alibaba Group Holding Limited (BABA) fell 1.32 per cent, and McDonald's Corporation (MCD) declined 2.90 per cent. JD.com, Inc. (JD) plunged 1.27 per cent, while Airbnb, Inc. (ABNB) rose 3.04 per cent.
Futures & Commodities
Gold futures were up 0.21 per cent to US$1,636.75 per ounce. Silver decreased by 0.61 per cent to US$18.367 per ounce, while copper fell 0.13 per cent to US$3.2903.
Brent oil futures increased by 2.02 per cent to US$84.53 per barrel and WTI crude was up 1.93 per cent to US$78.19.
Bond Market
The 30-year Treasury bond yields were up 3.47 per cent to 3.825, while the 10-year bond yields rose 1.94 per cent to 3.955.
US Dollar Futures Index increased by 0.11 per cent to US$114.140.
