March 5, 2024

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STOCK MARKET NEWS: Stocks mixed, Musk denies affair, gas, oil prices lower

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Image Rate Modify %Adjust
I:DJI $31,899.29 -137.61 -.43%
SP500 $3,961.63 -37.32 -.93%
I:COMP $11,834.11 -225.50 -1.87%

U.S. stocks were whipsawing heading into the initially day of the workweek as traders braced for the busiest week of second-quarter earnings experiences led by mega-cap shopper/tech titans like Alphabet and Microsoft on Tuesday, Meta Platforms on Wednesday, and Apple and Amazon on Thursday. 

Other names to watch involve General Motors, GE, Ford, Comcast, Northrop Grumman, Constitution Communications, and Exxon Mobil as 12 Dow associates as properly as 170 organizations in the S&P 500 – or just in excess of just one-third of the benchmark index – will release earnings for the April-June time period.

U.S. shares slumped Friday, snapping a a few-working day successful streak, as some remarkably weak quarterly updates from organizations spooked investors.

The S&P 500 fell 37.32 points, or .9%, to 3961.63 a day just after the broad benchmark index jumped 1%. The Dow Jones Industrial Typical edged down 137.61 details, or .4%, to 31899.29, and the Nasdaq Composite declined 225.50 points, or 1.9%, to 11834.11. 

Inspite of Friday’s losses, all 3 indexes posted weekly gains. With a 2.5% rise for the week, the S&P 500 capped its finest week in a thirty day period. Nevertheless, few buyers are ready to simply call a bottom to a selloff that has dragged the S&P 500 down 17% this yr. 

Persistently substantial inflation, the likelihood of a economic downturn and the war in Ukraine keep on being at the forefront of investors’ minds. Up coming week’s assembly of the Federal Reserve, as perfectly as coming gross domestic products info, could inject a lot more volatility in the markets. 

Asian shares tumbled Monday just after a retreat on Wall Road spurred by disappointing economic data and company earnings. 

Buyers are awaiting the upcoming go by the U.S. Federal Reserve, which is anticipated to elevate its crucial interest price once more on Wednesday as it strives to conquer back again inflation. The Fed will possible announce its next .75% issue boost in its brief-time period level in a row, a significant increase that it hasn’t or else carried out due to the fact 1994. That will put the Fed’s benchmark fee in a selection of 2.25% to 2.5%, the greatest degree since 2018. 

On Monday in Asia, Tokyo’s Nikkei 225 shed .9% to 27,676.97 and the Kospi in Seoul slipped .6% to 2,406.98. Hong Kong’s Hold Seng declined 1.2% to 20,365.99, while the Shanghai Composite index gave up .8% to 3,245.19. In Australia, the S&P/ASX 200 edged .2% decrease to 6,781.60.



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