Equities heterogeneous as investors worry that the fastest phase of economic growth is behind us: “We don’t know how fast equities can rise”


New York

The main indices of New York stock exchanges closed without a clear direction on Tuesday after Monday, when investors worried that the fastest phase of economic growth after the pandemic is already behind us.

The broad S&P 500 index hit a new record during trading, but the index eventually closed down.

The S&P 500 index had its seventh consecutive day of rise on Friday. The indices rose, supported by a strong employment report. The S&P 500 index has not risen so many days into the tube since last August.

The U.S. Service Sectors ISM index reading was 60.1 in June, while analysts expected a reading of 63.5. The previous month’s reading was 64. In May, the index reading was at record levels. An employment report released on Friday showed that unemployment rose back to 5.9 per cent in June, while analysts expected it to fall to 5.6 per cent.

Many Wall Street investors believe that the stock market will no longer produce big gains like the beginning of the year during the rest of the year. The S&P 500 index has risen 16 percent since the beginning of the year.

“The U.S. economy is booming, but this is already known and is already priced in stocks. But we don’t know how fast these shares will rise, ” Morgan Stanley The main strategy of US equities Michael Wilson commented according to CNBC.

The U.S. Department of Defense announced Tuesday that its $ 10 billion cloud services contract will be canceled. The agreement was joined Amazon and Microsoft disputes with. However, the ministry said it will continue to rub the new deal with technology giants.

Amazon the share price rose 4.7 percent and Microsoft the share fell short (0.00%).

Chinese company Didi Globalin the stock fell 19.6 percent on Wall Street. A share of the Chinese ride service plummeted when Chinese authorities said on Friday they were investigating Didi’s security practices and banning the service from hiring new users for the time being. On Sunday, authorities ordered the phone app to be removed from app stores in China. Didi is completely dependent on the Chinese market.

F., Which brings together Chinese truck drivers and companies that need to transport trucksull Truck Alliance apps were also banned from adding new users to their service over the weekend. The company’s share fell 6.7 percent.

The 10-year interest rate on U.S. government debt was declining after the stock markets closed and was quoted at 1.437 percent.

The Dow Jones index fell 0.6 percent, the broad S&P 500 index fell 0.2 percent and the Nasdaq index rose 0.2 percent.


Source: Arvopaperi by www.arvopaperi.fi.

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