AUS
NZ
UK
CA
USA
IND
Wall Street closed lower on Monday, August 29, extending last week's sharp fall, as investors remained concerned about upcoming interest rate hikes by the central to bring down the decades-high inflation.
The S&P 500 fell 0.67 per cent to 4,030.61. The Dow Jones was down 0.57 per cent to 32,098.99. The NASDAQ Composite lost 1.02 per cent to 12,017.67, and the small-cap Russell 2000 fell 0.89 per cent to 1,882.94.
Fed Chair Jerome Powell signaled that the central bank would continue to tighten the monetary policy to bring down the inflation under their target, even if they impact economic growth.
The hawkish indications at the end of the central bank's annual economic meeting in Jackson Hole renewed fears over the aggressive tightening of monetary policies among investors.
The rate hike concerns have so far weighed on the traders' sentiment, keeping them away from the risk-bet investments. Meanwhile, after last week's comment, some investors are now betting on another 75-basis rate increase at Fed's next meeting in September.
The energy and utilities sector were the top gainers in the S&P 500 index on Monday. Eight of the 11 segments of the index stayed in the negative territory, with the information technology and healthcare sectors declining the most.
Shares of Pinduoduo Inc. (PDD) gained over 17 per cent in the intraday trading on August 29, after the Chinese e-commerce firm posted its latest quarterly earnings results before the opening bell. The firm said that an improvement in consumer sentiment had padded support in its financial performance for the quarter.
Bristol-Myers Squibb Company (BMY) slumped about 5.91 per cent in the intraday session on Monday after the New York-based pharmaceutical company missed its main goal in a mid-stage trial for the drug to prevent strokes.
In the energy sector, Exxon Mobil Corporation (XOM) increased by 2.29 per cent, Shell plc (SHEL) added 1.51 per cent, and PetroChina Company Limited (PTR) rose 1.02 per cent. ConocoPhillips (COP) and TotalEnergies SE (TTE) soared 1.19 per cent and 1.06 per cent, respectively.
In technology stocks, Apple Inc. (AAPL) fell 1.37 per cent, Microsoft Corporation (MSFT) slipped 1.07 per cent, and Nvidia Corporation (NVDA) plummeted 2.82 per cent. ASML Holding N.V. (ASML) and Broadcom Inc. (AVGO) dropped by 1.97 per cent and 1.28 per cent, respectively.
In the utility sector, The Southern Company (SO) surged 0.63 per cent, Sempra (SRE) gained 1.03 per cent, and American Electric Power Company, Inc. (AEP) advanced 1.09 per cent. Brookfield Renewable Partners L.P. (BEP) and CenterPoint Energy, Inc. (CNP) ticked up 1.26 per cent and 1.07 per cent, respectively.
Futures & Commodities
Gold futures were up 0.02 per cent to US$1,750.10 per ounce. Silver decreased by 1.02 per cent to US$18.555 per ounce, while copper fell 2.58 per cent to US$3.6018.
Brent oil futures increased by 3.65 per cent to US$102.62 per barrel and WTI crude was up 4.06 per cent to US$96.84.
Bond Market
The 30-year Treasury bond yields were up 1.27 per cent to 3.246, while the 10-year bond yields rose 2.53 per cent to 3.112.
US Dollar Futures Index decreased by 0.02 per cent to US$108.743.
