AUS
NZ
UK
CA
USA
IND
Benchmark US indices closed in red on Tuesday, September 28, after broad losses across stock segments and investors weighed weak consumer confidence data, raising concerns about an economic slowdown.
The S&P 500 was down 2.04% to 4,352.63. The Dow Jones fell 1.63% to 34,299.99. The NASDAQ Composite fell 2.83% to 14,546.68, and the small-cap Russell 2000 was down 2.25% to 2,229.78.
Consumer confidence fell further in September, following two consecutive months of decline in July and August. The consumer confidence index of the Conference Board, a non-profit organization, declined to 109.3 points from 115.2 in August.
Last week, the Federal Reserve had signaled that it might start withdrawing its asset-buying program in November, along with an interest rate revision by next year.
The assessment raised optimism of a sustained economic revival since it had earlier noted in statements that its decision would depend on the overall economic recovery.
Meanwhile, the 10-year Treasury bond yields rose to a three-month high on Monday, leading to a sharp retreat in mega-cap technology stocks. Yields rose 4.18% to 1.546.
Barring the energy segment, all remaining 10 sectors of the S&P 500 stayed in the negative territory. Technology and consumer discretionary stocks were the biggest losers.
What made global markets fall sharply?
Stocks of IHS Markit Ltd. (INFO) declined 4.79% after reporting quarterly results on Tuesday. Its revenue increased by 10% YoY to US$1.18 billion in Q3, FY21, while its net income came in at US$161.3 million, a decline of 1% from the year-ago quarter.
The FactSet Research Systems Inc. (FDS) stock surged 4.03% after reporting its fourth-quarter and full-year FY 2021 results. The Q4 revenue rose 7.4% YoY to US$411.9 million, while full-year revenue was US$1.59 billion, an increase of 6.5% YoY.
Ford Motor Company (F) stock rose 1.31% a day after it announced to spend US$11.4 billion in partnership with Korean battery manufacturer SK Innovation to build new EV plants.
In technology stocks, Apple Inc. (AAPL) declined 2.04%, Accenture plc (ACN) fell 2.76%, and Adobe Inc. (ADBE) declined 3.37%. Microsoft Corp. (MSFT) and NVIDIA Corporation (NVDA) fell 2.61% and 3.38%, respectively.
In the consumer discretionary sector, Nike, Inc. (NKE) fell 1.70%, McDonald's Corporation (MCD) fell 1.79%, and Starbucks Corporation (SBUX) sank 1.3%. Chipotle Mexican Grill, Inc. (CMG) and Ross Stores, Inc. (ROST) ticked down 3.23% and 1.38%, respectively.
In energy stocks, Exxon Mobil Corporation (XOM) increased by 1.67%, ConocoPhillips (COP) rose 2.58%, and EOG Resources, Inc. (EOG) gained 1.03%. Pioneer Natural Resources Company (PXD) and Devon Energy Corp (DVN) advanced 1.62% and 1.31%, respectively.
Also Read: Explore seven healthcare stocks that are under US$50
Also Read: Cloudflare (NET), Adobe (ADBE) stocks retreat in a sea of red
Also Read: Ford (F), Toyota (TM) stocks in focus after positive business update
Futures & Commodities
Gold futures were down 1.06% to US$1,733.45 per ounce. Silver decreased by 1.03% to US$22.460 per ounce, while copper fell 0.98% to US$4.2475.
Brent oil futures decreased by 1.65% to US$77.42 per barrel and WTI crude was down 1.48% to US$74.33.
Bond Market
The 30-year Treasury bond yields was up 4.99% to 2.095, while the 10-year bond yields rose 4.18% to 1.546.
US Dollar Futures Index increased by 0.38% to US$93.740.
