The Nasdaq tech-heavy combination led down for the second day in a row as the major indicators all deteriorated in the afternoon trading. After opening in the green zone, the Dow Jones, S&P 500 and Nasdaq all trade intraday lows an hour before closing.
Federal Reserve Chairman Jerome Powell addressed a panel presented by the International Monetary Fund at 1:00 ET. "In my opinion it is better to go fast" to raise interest rates, says Powell. "I also think there is something to be said about pre-loading any seating area one thinks is appropriate. I would say 50 points will be put on the table at the May meeting."
Dow Jones, Nasdaq Today
Treasury's 10-year average yield continued to rise, rising to 2.91% on Thursday after weeks of high trading. Meanwhile, the West Texas Intermediate crude rose 1.7% after a decline earlier this week. This item trades for about $ 103.94 a barrel.
In the afternoon trading, the Dow Jones industry fell 0.9%, close to the lower session. The indicator was very positive in terms of its success of regaining support in the 200-day, 50-day and 21-day lines. But the Nasdaq has struggled in recent weeks and is still below three important moving averages at this time. The tech-heavy index led to a decline of 2.1%.
Elsewhere, the S&P 500 also erased previous gains and fell 1.4%, while the smaller Russell 2000 fell 2.1%. The volume was high on Nasdaq and on NYSE vs. at the same time on Wednesday, a strong bearish signal as the indicators move down.
In terms of the S&P 500 sector, most traded less while only a few were able to make smaller profits. Consumer spending has led to a higher profit margin. Consumer Staples Select Sector SPDR (XLP) traded 0.3%. The ETF has been trending high in recent weeks and has recently broken out above the 78.28 flat-base entry. Investors who want to gain exposure to this market area may consider starting a position here in the defensive ETF as the stock remains within the 5% target market.
Power led to a loss of about 3%.
Movers: Tesla, Travel Stocks
The most advanced stocks include Tesla (TSLA), which started a gap of 11% of heavy volume. However, the shares of the EV giant on the Nasdaq list closed the gap and included initial profits of just over 2%. Shares remain embarrassed by the purchase point of 1,152.97 base cup holder.
By the end of Wednesday, Tesla exceeded Wall Street expectations by a 246% increase in first-quarter earnings to $ 3.22 billion and an 81% increase in sales to $ 18.76 billion. EV leader slowly reopens his factory in Shanghai after a three-week closure due to a Covid-19 spike in China.
Elsewhere, United Airlines (UAL) and American Airlines (AAL) generated momentum up to 11% and 4.5%, respectively, after both airlines offered a better view of the need for travel. Despite the high fuel costs, both companies expect to make a profit in Q22 by 2022.
United Airlines rose 11.7% higher in five months. The company has reduced its Q1 losses to $ 4.24 per share of revenue at $ 7.6 billion, analysts' consensus estimates are not slim. At the same time, American Air exceeded Q1 losses of $ 2.32. Revenue exceeded 122% to $ 8.9 billion, beyond expectations.
Both UAL and AAL trade on Nasdaq.
Despite the loss of the first quarter and mixed results for Q1, both predicted growing demand after similar forecasts from Delta (DAL), which reported profits last week. The revitalized interest in the resort has increased the shares of major hotel chains such as Marriott (MAR) and Hilton (HLT) in recent terms, though these stocks retreated on Thursday's market. Both of these hotel officials are currently trading more than just the key points of purchase after the breakup.
Growth Shares Continue to Fail
The Innovator IBD 50 ETF (FFTY), which is a stock growth rate, fell by more than 3% and fell by five weeks as growth stocks continued to strengthen in the current market.
