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Benchmark US indices closed mixed on Monday, November 22, as President Joe Biden nominated Jereme Powell as the Federal Reserve chairman for the second time.
The S&P 500 declined 0.32% to 4,682.94. The Dow Jones was up 0.05% to 35,619.25. The NASDAQ Composite was down 1.26% to 15,854.76, and the small-cap Russell 2000 fell 0.50% to 2,331.35.
On Monday, speculation over Powell’s second term ended after Biden renominated him as the Fed chair. Powell had kept the interest rate intact despite clamours for a hike due to rising inflation. However, most economists, including Powell, consider the current high inflation is transitory.
In a statement, the White House said Powell provided steady leadership during the unprecedented covid pandemic, which saw the country’s biggest economic downturn in modern history.
Energy, finance, and consumer staple segments were the top gainers on the S&P 500 index on Monday. Communication and technology stocks were the bottom movers. Ten out of the 11 segments of the index remained in the green.
Global markets saw record highs on Monday
The rise in bond yields gave jitters to the technology stocks. The tech-heavy Nasdaq closed in the red with the rising bond yield and a stronger US dollar.
However, Tesla, Inc. (NASDAQ:TSLA) stock jumped 4% in intraday trading after Elon Musk tweeted about making the Tesla Model S Plaid cars available in China from early next year.
Activision Blizzard, Inc. (NASDAQ:ATVI) stock fell more than 2% on a WSJ report that the company CEO Bobby Kotick might step down due to his failure to fix the company’s workplace culture.
Shares of Astra Space, Inc. (NASDAQ:ASTR) jumped around 19% on the successful launch of a satellite for the US Space Force.
Ford Motor Company (NYSE:F) stock surged 7%, while Rivian Automotive, Inc. (NASDAQ:RIVN) declined after the news about the withdrawal of last week’s electric vehicle deal.
In the energy sector, Exxon Mobil Inc. (XOM) advanced 3.02%, Chevron Corporation (CVX) grew 2.87%, and ConocoPhillips (COP) increased 4.55%. Coterra Energy Inc. (CTRA) stock surged 6.95% and Diamondback Energy Inc. (FANG) stock grew 5.43%.
In the financial sector, Berkshire Hathaway Inc. (BRK.B) stock rose 2.25%, JP Morgan Chase & Co. (JPM) rose 2.99%, and Bank of America Corporation (BAC) gained 2.81%. Wells Fargo & Company (WFC) and Morgan Stanley (MS) increased by 3.82% and 3.60%, respectively.
In the consumer service sector, Electronic Arts Inc. (EA) fell 4.04%, Netflix Inc. (NFLX) declined 1.91%, and Twitter Inc. (TWTR) fell 1.51%. Take-Two Interactive Software Inc. (TTWO) and Match Group Inc. (MTCH) fell 2.30% and 1.86%, respectively.
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Futures & Commodities
Gold futures decreased 2.52% to US$1,804.95 per ounce. Silver futures fell by 2.43% to US$24.177 per ounce, while copper declined 0.43% to US$4.3887.
Brent oil futures surged by 0.65% to US$79.40 per barrel and WTI crude futures were up 0.79% to US$76.54.
Bond Market
The 30-year Treasury bond yields increased 3.74% to 1.978, while the 10-year bond yields were up 6.15% to 1.631.
US Dollar Futures Index increased by 0.52% to US$96.528.
