Sharechat Logo

29th September 2021 Morning Report

Wednesday 29th September 2021

Text too small?

U.S. stock markets came under pressure Tuesday as Federal Reserve Chairman Jerome Powell voiced concerns on inflation and following a sharp drop in consumer confidence. Powell told the Senate Banking Committee on Tuesday morning that inflation is higher and more enduring than anticipated and that the central bank will use available tools, if required. The Conference Board said consumer confidence fell to 109.3 in September from an upward revision of in August. The reading was the lowest since February and below the level of 114.5 which analysts were expecting.  The selling of U.S. Treasuries continued, with the yield on the 10-year bond up 5 basis points to 1.54% and was on track to close at a more than 1.54%.  The Dow Jones Industrial Average dropped 529 points, or 1.52%, while the S&P 500 index and the Nasdaq Composite index fell 1.97% and 2.66%, respectively. Financials outperformed after benefiting from the steeper yield curve. The rising trend in treasury yields drove technology stocks lower as rising rates is negative for grow the and growth companies. 

Other key overseas markets were mixed. European exchanges lower across the board with France’s CAC 30 declined 1.84%, Germany’s DAX 40 dropping 1.44% and Britain’s FTSE 100 sliding 0.21%. In Asia, Japan’s Nikkei 225 slipped 0.19% while China’s Shanghai Composite index and Hong Kong’s Hang Seng index rose 0.54% and 1.2%, respectively. 

West Texas Intermediate crude oil jumped 18 cents to $75.63 a barrel. Gold closed 0.88% down at US $1734.39 per ounce.

Morning Report 29 September 2021



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

21st January 2022 Morning Report
20th January 2022 Morning Report
19th January 2022 Morning Report
18th January 2022 Morning Report
17th January 2022 Morning Report
14th January 2022 Morning Report
13th January 2022 Morning Report
12th January 2022 Morning Report
11th January 2022 Morning Report
10th January 2022 Morning Report