Market Analytics and Technical Considerations
Key Points
The major Wall Street indexes showed little movement on Tuesday as growth companies continued to lose money while energy shares rose due to increased price of oil, which helped halt falls.
Energy was gained 1.6% as crude prices rose amid signs that OPEC+ would resolve to reduce oil supply that during Meeting in December. Five of the 11 key sector indexes of the S&P 500 were trading higher.
Trading, however, remained in a tight range as market investors turned their attention to mass demonstrations in China in the hopes that they might prompt the Chinese government to more quickly relax COVID-19 restrictions.
Because of the instability the demonstrations produce while also having the potential to eventually lead to a relaxation of COVID policy, China presents a mixed image.
Early growth stock gains were fleeting, while U.S. Treasury yields increased. As they wait for information on the eagerly awaited multi-tranche corporate bond sale by Amazon.com Inc (NASDAQ: AMZN), investors also dumped Treasuries.
Shares of Amazon.com Inc., Meta Platforms Inc., and Microsoft Corp. (NASDAQ:MSFT) have all been down within 0.2% and 0.7%.
The reference S&P 500 index is currently on track to post increases for a second consecutive month in November on expectations that the US Federal Reserve would raise interest rates in gradual steps and a few inflation readings that indicate a little slowdown in price growth.
The Fed has raised rates four times in a row by 75 basis points so far, but in December, the rate climb will likely slow to 50 basis points. [FEDWATCH]
At 10:25 a.m. ET, the Nasdaq Composite was up 14.04 points, or 0.13%, at 11,063.54, the S&P 500 was rise 4.29 points, or 0.11%, at 3,968.23, and the Dow Jones Industrial Average was lower 2.64 points, or 0.01%, at 33,846.82.
As China expanded equity financing options for real estate developers, shares of Chinese firms Alibaba (NYSE:BABA) Group Holding Ltd, Pinduoduo (NASDAQ:PDD), and JD (NASDAQ:JD).com Inc that are publicly traded in the United States increased by 5.7% to 8.9%.
On the NYSE and the Nasdaq, advancing items outpaced declining ones by a ratio of 2.01 to 1 and 1.68 to 1, respectively.
The Nasdaq recorded 34 fresh highs and 77 new depths, compared to the S&P index’s zero new 52-week tops and one low point.
