Dow Jones dropped 500 points, S&P 500 recorded its worst month since March 2020
US stocks fell sharply on Thursday (September 30), when Wall Street close the worst month so far.
End of trading day In the year, the Dow Jones index fell 546.80 points (or 1.59%) to 33,843.92 points. The S&P 500 index lost 1.19% to 4,307.54 points, while the Nasdaq Composite dropped 0.4% to 14,448.58 points.
US stocks fell on the last day of a difficult month for the market. In the stock market, as interest rates rose, inflation concerns and concerns about China’s property market roiled stocks. The S&P 500 ended September down 4.8%, marking its worst month since March 2020, when the Covid-19 pandemic led to a sharp sell-off in markets. The S&P 500 also ended the session 5% lower than this year’s record high for the first time.
In September, Nasdaq Composite plunged 5.3%, also witnessed the biggest monthly decline since March 2020, while Dow Jones fell 4.3% – the worst month from the beginning of 2021 to now.
Ed Yardeni of Yardeni Research shared: “September has lived up to its reputation and dampened portfolio returns, but not too bad.”
Inflation concerns and supply chain issues continued to weigh on the market on Thursday. Bed Bath & Beyond shares “evaporated” 22.1% after the company said those issues hurt its second-quarter results, and the news is likely to affect other retail stocks as well. Walgreens Boots Alliance shares fell Home Depot fell 3.4% and nearly 2.6%, respectively, becoming two of the worst performers in the Dow Jones.
Energy and finance, which has been one of the best-performing sectors in recent weeks, stepped back on Thursday. Goldman Sachs shares lost 1.7%, while shares JPMorgan fell 1.3%.
Tech stocks outperformed on Thursday, but Nasdaq Composite still saw its fifth consecutive drop. Tech stocks have been hit by recent gains in 10-year US Treasury yields, which surpassed 1.567 percent earlier in the week. Bond yields fell slightly on Thursday.
Interest rates rose, fueled by concerns about inflation and signals from the US Federal Reserve (Fed) that the agency will soon slow its pace of asset purchases, seen as a negative for tech stocks because they make future returns look less attractive to investors.
Apple and Amazon shares closed in the red after rising in the morning session. Nvidia and Netflix shares managed to hold on to gains but retreated from session highs at the close.
September decline led to a weak third quarter for the market. Over the past three months, the Dow Jones has lost 1.9%, while the Nasdaq Composite has lost 0.4%. The S&P 500 kept its gains slightly and is still up nearly 15% year-to-date.
Investors are also paying attention to Washington when the US Congress passes a bill to fund the Government until early December 2021. This bill will help prevent the government shutdown, but the US Congress has yet to raise the debt ceiling, which US Treasury Secretary Janet Yellen said will be achieved on October 18.
Yellen and Fed Chair Jerome Powell testify before the House Financial Services Committee on Thursday. Ms Yellen reiterated calls for Congress to raise the debt ceiling, saying failure to do so would be “catastrophic”.
In terms of economic data, the number of Americans who filed for unemployment benefits for the first time last week was 362,000, slightly higher than the 335,000 forecast by economists. , according to Dow Jones.
An Tran (According to CNBC)
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