Wall Street on the way to the longest weekly loss series since August 2019
Stock exchanges on the other side of the Atlantic opened lower, with the exception of Nasdaq. The positive trend in technologies is not being enough to spread all Wall Street indices.
The Dow Jones continues to yield 0.24% to 26,751.61 points and the Standard & Poor’s 500 drops 0.15% to 3,241.83 points.
The S&P 500 and Dow are on their way to their fourth consecutive weekly drop, which constitutes the longest weekly series of losses since August 2019.
In countercycling is the technological Nasdaq Composite, with a marginal gain by valuing 0.06% to 10,679.09 points.
Technological companies such as Apple, Amazon, Netflix, Alphabet and Facebook – which are quoted as having a higher than average performance in periods of economic uncertainty, which led to many investors recently causing a sell-off in the sector for fear that these securities were overvalued – they are supporting Nasdaq, but this slight rise is not enough to instill optimism across the board on Wall Street.
“Investors are looking for bonds that can withstand slower economic growth, because if we don’t get a new fiscal stimulus package there won’t be much more that can be done to continue stimulating the economic recovery,” a Pacific strategist commented to Reuters. Life Fund Advisors, Max Gokhman.
Various macroeconomic data have weighed on investor sentiment in recent weeks, and fears that there will be no additional fiscal stimulus package, due to a lack of agreement from Congress, are helping to pressure.