Benchmark US indices closed the week in red on Friday, June 18, with Dow Jones diving to its lowest level since January, as Americans marked the Juneteenth Holiday to commemorate the end of slavery some 155 years ago.
The S&P 500 was down 1.31% to 4,166.45. The Dow Jones dropped 1.58% to 33,290.08. The NASDAQ Composite shed 0.92% to 14,030.38, and the small-cap Russell 2000 lost 2.17% to 2,237.75.
Markets remained subdued as tens and thousands of Americans celebrated Juneteenth Holiday, marking the abolition of slavery in 1865. Investors also took their cues from St. Louis Federal Reserve President James Bullard’s comments that inflation rose more than the central bank’s expectations.
The senior Fed official also said that he and six of his colleagues expect a first rate-increase in late 2022, sooner than the central bank indicated on Wednesday. Eight of the 11 critical segments of the S&P 500 traded lower. Technology stocks saw small gains, while energy and financials tumbled.
Global consulting powerhouse PricewaterhouseCoopers (PwC) on Friday said it would spend US$12 billion and hire 100,000 people by 2026 in a major expansion plan. PwC’s US chairman Tim Rya said the company's global workforce will increase by one-third from the current 284,000.
Meanwhile, the G-7 nations will announce new climate actions on Sunday. According to the UK government, wealthy nations would enhance funding to the developing world to build renewable energy infrastructure. Part of the focus would be on cutting reliance on coal-powered plants.
American pharmacy retail chain CVS Health Corp. (CVS) said it is registering increased sales in its stores. It expects a 2% jump in front-store sales this year.
Energy stocks were bottom movers in Friday’s session. Shares of Exxon Mobil Corp (XOM) declined by 2.03%, and Chevron Corp (CVX) fell 2.74%.
Royal Dutch Shell Plc (RDS.A) and Enbridge Inc. (ENB) stocks dropped 4.76% and 1.77%, respectively. However, shares of Clean Energy Corp. (CLNE) jumped 6.03%.
Berkshire Hathaway Inc. (BRK.A) and JPMorgan Chase & Co. (JPM) stocks fell 2.05% and 2.49%, respectively, while PayPal Holdings, Inc. (PYPL) gained 1.92%.
In technology stocks, Adobe Inc. (ADBE) gained 1.69%, while Intel Corp (INTC) and Facebook, Inc. (FB) shed 3.38% and 1.54%, respectively.
Electric vehicle maker Tesla, Inc. stock traded flat with a marginal 0.31% increase from the previous close. Ford Motor Co (F) lost 1.32%, and chipmaker ASML Holding NV (ASML) lost 4.19%.
The biggest losers on S&P 500 were energy, financials, utilities, consumer non-cyclicals, basic materials, and real estate.
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Top performers on S&P 500 included Lennar Corp (3.72%), Adobe Inc (2.58%), Enphase Energy Inc (2.38%), Generac Holdings Inc (1.97%). On NASDAQ, top performers were Sykes Enterprises Inc (29.83%), Geron Corp (29.79%), Alfi Inc (29.43%), Luokung Technology Corp (22.16%). On Dow Jones, Home Depot Inc (-0.17%), Caterpillar Inc (-0.28%), Nike Inc (-0.40%), Microsoft Corp (-0.56%) were the leaders.
Top laggards on S&P 500 included Globe Life Inc (-5.97%), Baker Hughes Co (-5.46%), FMC Corp (-5.05%), Lincoln National Corp (-4.77%). On NASDAQ, Orphazyme A/S (-49.66%), Athira Pharma Inc (-38.87%), Urban One Inc (-27.96%), Capstone Green Energy Corp (-22.27%). On Dow Jones, Chevron Corp (-3.77%), Walgreens Boots Alliance Inc (-3.73%), Goldman Sachs Group Inc (-3.50%), Travelers Companies Inc (-2.76%) were the laggards.
Top volume movers were Apple Inc (40.89M), Bank of America Corp (38.99M), AT&T Inc (29.01M), General Electric Co (25.91M), Intel Corp (24.60M), Wells Fargo & Co (23.02M), Huntington Bancshares Inc (20.79M), Ford Motor Co (17.68M), Pfizer Inc (17.43M), Geron Corp (28.03M), ContextLogic Inc (20.77M), Tellurian Inc (18.08M), Orphazyme A/S (17.51M), Clean Energy Fuels Corp (16.95M).
Futures & Commodities
Gold futures were down 0.59% to US$1,764.30 per ounce. Silver slightly decreased by 0.11% to US$25.828 per ounce, while copper declined 1.38% to US$4.1205.
Brent oil futures was up 0.15% to US$73.19 per barrel and WTI crude gained 0.51% to US$71.40.
The 30-year Treasury bond yields were down 4.05% to 2.016, while the 10-year bond yields decreased 4.72% to 1.440.
US Dollar Futures Index rose 0.49% to US$92.325.