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Wall Street closed lower on Friday due to escalating geopolitical risks, uncertainty over Federal Reserve interest rates and a drop in oil prices. All three major indexes ended in red. However, last week was a negative one for the U.S. stock markets.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 1.2% or 475.84 points to close at 37,983.24. Notably, 24 components of the 30-stock index ended in negative territory, while four ended in the green zone and two remained unchanged. The major loser of the blue-chip index was JPMorgan Chase & Co. (JPM - Free Report) after falling 6.5%. JPM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq Composite finished at 16,175.09, sliding 1.6% due to the weak performance of the large-cap technology stocks.
The S&P 500 tumbled 1.5% to finish at 5,123.41. All 11 broad sectors of the benchmark ended in negative territory. The Materials Select Sector SPDR (XLB), the Communication Services Select Sector SPDR (XLC) and the Energy Select Sector SPDR (XLE) fell 1.7%, 1.6% and 1.6%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 2.3% to 16.92. A total of 11.67 billion shares were traded on Friday, higher than the last 20-session average of 11.41 billion. The S&P 500 posted 12 new 52-week highs and nine new lows; the Nasdaq Composite recorded 35 new highs and 211 new lows.
Fed Rate Cuts and Geopolitics Push Up Market Worries
The U.S. stock market is facing some challenges due to changes in expectations about the Federal Reserve interest rate policies and tensions in the Middle East. Concerns about inflation have led to delays in expected rate reductions, affecting investor sentiment. BofA Global Research predicts that the first Fed rate cut might happen in December but could be pushed back to 2025 if inflation continues.
Geopolitical tensions, such as conflicts between Israel and Iran, are also contributing to market uncertainty, leading to a decline in stock prices. Investors are looking to safeguard their investments in this economic and geopolitical environment.
Oli Price Retreats
Oil prices surged on Friday following reports of Israel bracing for a strike from Iran over the upcoming weekend. This event marks a flare-up in tensions since the beginning of the Israel-Hamas conflict last October.
The West Texas Intermediate price for May delivery saw an increase of $2.03, reaching $87.05 per barrel while June Brent futures rose by $1.77 to $91.51 per barrel. Concerns heightened as Israel reportedly prepared for an attack, highlighting regional instability and causing worries about potential disruptions in oil supply.
Economic Data
The University of Michigan reported that the preliminary reading of consumer sentiment came in at 77.9 in April, missing the consensus estimate of 79.9. The final reading for March was 79.4.
Weekly Roundup
During the week, the S&P 500 experienced a 1.56% decline, with the 30-stock Dow dropping 2.37%. Meanwhile, the tech-heavy Nasdaq saw a 0.45% decrease over the same period.
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Stock Market News for Apr 15, 2024
Market News
Wall Street closed lower on Friday due to escalating geopolitical risks, uncertainty over Federal Reserve interest rates and a drop in oil prices. All three major indexes ended in red. However, last week was a negative one for the U.S. stock markets.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 1.2% or 475.84 points to close at 37,983.24. Notably, 24 components of the 30-stock index ended in negative territory, while four ended in the green zone and two remained unchanged. The major loser of the blue-chip index was JPMorgan Chase & Co. (JPM - Free Report) after falling 6.5%. JPM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The tech-heavy Nasdaq Composite finished at 16,175.09, sliding 1.6% due to the weak performance of the large-cap technology stocks.
The S&P 500 tumbled 1.5% to finish at 5,123.41. All 11 broad sectors of the benchmark ended in negative territory. The Materials Select Sector SPDR (XLB), the Communication Services Select Sector SPDR (XLC) and the Energy Select Sector SPDR (XLE) fell 1.7%, 1.6% and 1.6%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 2.3% to 16.92. A total of 11.67 billion shares were traded on Friday, higher than the last 20-session average of 11.41 billion. The S&P 500 posted 12 new 52-week highs and nine new lows; the Nasdaq Composite recorded 35 new highs and 211 new lows.
Fed Rate Cuts and Geopolitics Push Up Market Worries
The U.S. stock market is facing some challenges due to changes in expectations about the Federal Reserve interest rate policies and tensions in the Middle East. Concerns about inflation have led to delays in expected rate reductions, affecting investor sentiment. BofA Global Research predicts that the first Fed rate cut might happen in December but could be pushed back to 2025 if inflation continues.
Geopolitical tensions, such as conflicts between Israel and Iran, are also contributing to market uncertainty, leading to a decline in stock prices. Investors are looking to safeguard their investments in this economic and geopolitical environment.
Oli Price Retreats
Oil prices surged on Friday following reports of Israel bracing for a strike from Iran over the upcoming weekend. This event marks a flare-up in tensions since the beginning of the Israel-Hamas conflict last October.
The West Texas Intermediate price for May delivery saw an increase of $2.03, reaching $87.05 per barrel while June Brent futures rose by $1.77 to $91.51 per barrel. Concerns heightened as Israel reportedly prepared for an attack, highlighting regional instability and causing worries about potential disruptions in oil supply.
Economic Data
The University of Michigan reported that the preliminary reading of consumer sentiment came in at 77.9 in April, missing the consensus estimate of 79.9. The final reading for March was 79.4.
Weekly Roundup
During the week, the S&P 500 experienced a 1.56% decline, with the 30-stock Dow dropping 2.37%. Meanwhile, the tech-heavy Nasdaq saw a 0.45% decrease over the same period.