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Mixed results as the week starts market session lower; influenced by probable inflation

First session of the week drove mixed results for the benchmark equities as inflation concerns continue to linger around, while the U.S. labor market report released last Friday promotes a positive but slow path towards recovery.

Last Sunday. June 6, Janet Yellen, U.S. Treasury Secretary, indicated that an increase in the interest rates would actually bring a better outlook for the society as well as the Feds.

This statement proved that there are policymakers that agree with the possible increase of rates and inflation, even after traders showed concern over this suddenly happening as they would suddenly dive to the unknown due to implications on price of equities. On the other hand, Federal

Reserve members continue to stand by their previous statement that the economy is only experiencing short-term changes especially from the recovery from the COVID-19 pandemic and believes that any possible changes on the current monetary policy isn’t ripe yet.

This was supported by the May jobs report that was released last Friday, showing lower than expected growth in job availability and that the status has not recovered to pre-pandemic levels yet. A long but stable process is being expected based on the results of the report, which makes any waves on the economy short-term according to the Federal Reserve.

The Dow Jones Industrial Average slipped by almost 0.40% or a little more than 100 points. S&P 500 was little changed and continue to hover near record level with less than 0.1% drop or less than 5 points. NASDAQ Composite Index, on the other hand, eked out gains of almost 0.50% or less than 70 points.

The 10 Year Treasury yield increased by 0.9 basis points ending at 1.5690%.

The sessions major moves are as follows:

  • The Dow Jones Industrial Average down by 0.36% or 126.81 points and at 34,629.58.
  • S&P 500 Index decreased by 0.08% or 3.43 points and currently at 4,226.46.
  • NASDAQ Composite Index advanced to 13,881.72 after gaining 67.23 points or 0.49%.
  • Yield on 10 Year Treasury now at 1.5690%.
  • Gold up by $10.70 or 0.57% and now at $1,902.70 an ounce.
  • Crude down by $0.42 or 0.60% and closed at $69.20 per barrel.

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