U.S. stocks still missing a clear direction

U.S. stocks still missing a clear direction

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Stock indexes in the US failed to find a way yesterday after a turbulent trading throughout the day, which was influenced by the findings of Donald Trump – Jr.

Initially, the blue chip index Dow Jones Industrial Average fell 100 points, in connection with concerns that Russia might have influenced the elections in the US. Emails that the eldest son of the US president revealed Tuesday showed that he was informed in advance that the Russian lawyer, whom he met last year, has compromising materials against Hillary Clinton. Such information against Donald Trump’s opponent came from representatives of the Russian authorities.

“It’s a play off hope. We had something that might be negative and now we have something that might be positive,” said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts.

The US dollar took a downward and reached its lowest level of the day against the euro. Gold futures rose, while bond yields sank.

However, the major indices managed to recover from losses. The technology index Nasdaq ended trading with a 0.3% gain.

While investors await Federal Reserve Chairman Janet Yellen to answer questions from Congress regarding the six-month report on monetary policy on Wednesday.

S & P 500 meanwhile finished in red territory, recording 0.08 percent decline. Financial companies were even those who suffered the greatest losses. Thus, the index ended the day at 2425 points.

“Investors are sitting on their hands waiting to see what’s pushing the next move,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. “They’re not seeing any reason to be enthusiastically buying stocks so close to a high.”

Shares of Snap Inc saw a drop of 8.9 percent after it was downgraded by lead underwriter Morgan Stanley. The new rating increased worries about the social media company’s ability to compete against rival Instagram. The stock lost 45 percent from a high hit soon after their IPO and dropped below its $17 IPO price for the first time on July 10, 2017.

Boeing brings the highest Dow growth, and 3M was among the biggest losers.

Amazon.com held its annual Day Initiative Prime, which included numerous offers and discounts for Prime program subscribers.

Meanwhile, analysts are turning their attention to the start of the season reports. JPMorgan Chase, Wells Fargo and Citigroup are among the companies expected to report results later this week.

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Javier Davis produces news on stocks, currencies, bonds, commodities, and real estate. His in-depth research covers most of the major financial markets in America, Europe, and Asia. His research is based on the interconnected relationships among economic and technical factors that drive valuations in the markets, with an emphasis on how to formulate investment strategies. From interest rates to inflation to economic growth and much more, the fundamental concepts presented on this website provide an essential foundation of knowledge for investors to profit in stocks, bonds, commodities, currencies, and real estate markets.

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