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Stock Market Today: Dow Extends Losing Streak as Fed, Inflation Jitters Bite

By Yasin Ebrahim AiVIF.com – The Dow extended its losing streak Thursday as an intraday reprieve was quickly reversed by selling pressure amid ongoing worries the Federal...
Stock Market Today: Dow Extends Losing Streak as Fed, Inflation Jitters Bite © Reuters.

By Yasin Ebrahim

AiVIF.com – The Dow extended its losing streak Thursday as an intraday reprieve was quickly reversed by selling pressure amid ongoing worries the Federal Reserve’s plan to curb inflation could tip the economy into recession.

The Dow Jones Industrial Average fell 0.3%, or 103 points, to close in the red of the sixth-straight day. The S&P 500 slipped 0.05%, and the Nasdaq rose 0.1%.

Tech closed above its lows of the session, as dip-buyers appeared to test waters following an intense selling intraday, but the appetite for big bullish bets on the sector remains sidelined by fears that elevated inflation will keep the Federal Reserve on a hawkish rate hike path.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) led the decline in big tech. Semiconductor stocks helped steady tech, however, as AMD (NASDAQ:AMD) and NVIDIA (NASDAQ:NVDA) cut the bulk of their losses. 

Producer price index for final demand increased 0.5% last month, in line with economists' forecasts, and rose 11% for the 12 months through November, exceeding expectations for a 10.7% increase.

“Nothing in yesterday’s or today’s report suggests the Committee will deviate from the implied increase of 50bps on June 15, although some are beginning to reconsider the possibility of 75bp increase,” Stifel said in a note.

Financials also participated in the broader market selloff, under pressure from banking stocks as Treasury yields continued to lose ground on jitters about the global growth outlook.

Signature Bank (NASDAQ:SBNY), Citigroup (NYSE:C) and Synchrony Financial (NYSE:SYF) were among the biggest decliners, with the latter down more than 6%.

Wolf Research downgraded Synchrony Financial to underperform from peer perform, citing a deteriorating credit outlook.

Energy stocks pared losses to end just above the flatline following volatile action in oil prices as investors continue to weigh up the risk of a weaker demand backdrop against potential supply shortages.

The earnings front, meanwhile, served up mixed quarterly results.

WeWork (NYSE:WE) narrowed its losses in the first quarter as a rebound in demand for office space following the pandemic-induced slump, sent its shares more than 10% higher.

Walt Disney (NYSE:DIS), meanwhile, reported quarterly results that missed on both the top and bottom lines, but streaming was a bright spot for the company as it topped 200 million subscribers. The stock ended the day down less than 1%.

Beyond Meat (NASDAQ:BYND) fell more than 4% after reported a wider loss than expected as rising costs dented margins.

“With increasing competitive pressures, challenges in scaling the business, and intermediate-term capital needs, we believe investors should stay on the sidelines,” Oppenheimer said in a note.

Rivian Automotive (NASDAQ:RIVN) jumped nearly 18% despite reporting weaker-than-expected quarterly results.

“This quarter [for Rivian] was not without issues, but it does finally appear that Rivian is on the right track with strong demand and a supply chain that should produce 25k deliveries this year reaffirming its guidance,” Wedbush said in a note.

The latest dip in markets has many debating whether stocks are close to reaching a bottom.

Some on Wall Street have earmarked the 30-month moving average near 3,800 for the S&P 500 as the level that could attract dip buyers, but remain wary of suggesting that a bottom is close.

“[W]e still believe the U.S. equity markets are closing in on a significant low for the year, but again this process may take more time and see more damage done before that materializes,” Janney Montgomery Scott said.

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18-05-2022 13:19:05 (UTC+7)

EUR/USD

1.0536

-0.0011 (-0.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

EUR/USD

1.0536

-0.0011 (-0.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

GBP/USD

1.2469

-0.0022 (-0.17%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

USD/JPY

129.10

-0.29 (-0.23%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.7028

-0.0001 (-0.01%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (8)

USD/CAD

1.2817

+0.0008 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (8)

Sell (1)

EUR/JPY

136.03

-0.44 (-0.32%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

EUR/CHF

1.0478

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Gold Futures

1,811.15

-7.75 (-0.43%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (7)

Silver Futures

21.637

-0.113 (-0.52%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (6)

Copper Futures

4.2340

+0.0017 (+0.04%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Crude Oil WTI Futures

110.22

+0.59 (+0.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Brent Oil Futures

112.04

+0.11 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

8.233

-0.081 (-0.97%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

US Coffee C Futures

228.63

+3.83 (+1.70%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,741.51

+56.17 (+1.52%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

S&P 500

4,088.85

+80.84 (+2.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,185.94

+221.56 (+1.59%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,518.35

+53.55 (+0.72%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (1)

Hang Seng

20,651.00

+48.48 (+0.24%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (1)

Sell (4)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,475.70

+122.00 (+1.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

BASF SE NA O.N.

50.690

+1.395 (+2.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.12

+0.91 (+1.44%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Allianz SE VNA O.N.

202.25

+3.43 (+1.73%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Adidas AG

183.30

+3.24 (+1.80%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.827

+0.131 (+1.96%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (2)

Siemens AG Class N

116.50

+2.90 (+2.55%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (1)

Deutsche Bank AG

9.538

+0.319 (+3.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0536↑ Buy
 GBP/USD1.2469↑ Sell
 USD/JPY129.10Buy
 AUD/USD0.7028Neutral
 USD/CAD1.2817↑ Sell
 EUR/JPY136.03↑ Buy
 EUR/CHF1.0478↑ Buy
 Gold1,811.15Sell
 Silver21.637Sell
 Copper4.2340Sell
 Crude Oil WTI110.22↑ Sell
 Brent Oil112.04↑ Sell
 Natural Gas8.233↑ Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,741.51↑ Buy
 S&P 5004,088.85↑ Buy
 DAX14,185.94↑ Buy
 FTSE 1007,518.35↑ Buy
 Hang Seng20,651.00Neutral
 Small Cap 20001,840.30Neutral
 IBEX 358,475.70↑ Buy
 BASF50.690↑ Buy
 Bayer64.12↑ Buy
 Allianz202.25↑ Buy
 Adidas183.30↑ Buy
 Lufthansa6.827Buy
 Siemens AG116.50↑ Buy
 Deutsche Bank AG9.538↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,847
SJC HCM6,825/ 6,925
(0/ 0) # 1,847
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,849
SJC Danang6,825/ 6,927
(0/ 0) # 1,849
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,849
SJC Cantho6,825/ 6,927
(0/ 0) # 1,849
Cập nhật 18-05-2022 13:19:07
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RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
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WTI$110.22+0.450.40%
Brent$110.71+0.440.40%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.955,0023.265,00
EUR23.783,5625.115,95
GBP28.150,0329.351,12
JPY173,94184,14
KRW15,7819,22
Cập nhật lúc 13:14:58 18/05/2022
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