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Stocks cut losses, Nasdaq turns positive as market attempts comeback from sell-off

by Euro Times
May 12, 2022
in Markets
Reading Time: 3 mins read
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Shares clawed again some losses from earlier in Thursday’s session as merchants tried to get better their footing following the current market decline.

The Dow Jones Industrial Common traded up 60 factors, or 0.2%, after being down greater than 350 factors earlier within the session. The S&P 500 was final up 0.7% after falling as a lot as 1.1%. The Nasdaq Composite superior 1.2% after being down 2.25% to begin the day.

These strikes got here a day after the S&P 500 closed at its lowest stage since March 2021, and the Dow posted its fifth straight day of losses.

Thursday’s rebound try was led by beaten-down names equivalent to Lucid Group and Zoom Video, together with meme shares equivalent to GameStop and AMC. The strikes may sign a brief squeeze, indicating the tech-heavy Nasdaq might have reached a backside.

Shares of Lucid and Zoom popped 14.4% and three.4%, respectively. GameStop and AMC, in the meantime, had been up 15.5% and 16.5%, respectively. Rivian Automotive additionally soared 22% on Thursday after reporting its newest quarterly outcomes. It was unclear what was driving the positive aspects in Lucid, Zoom, GameStop and AMC.

“Even in the event you say we’re in a bear market, there’s rallies inside bear markets that may be very sharp,” stated Truist’s Keith Lerner. “I feel, no less than short-term, and given how oversold we’re and provided that we’re beginning to see individuals nibble at a few of these areas which were essentially the most overwhelmed up, I feel that is no less than a silver lining in a sea of crimson and gloom during the last couple of days.”

Shares of Massive Tech names equivalent to Amazon and Netflix gained 4.3% and 5.3%, respectively, whereas Tesla superior 2.8%. The buyer discretionary sector, which has been hard-hit by the current sell-off additionally added 2%

In the meantime, Disney shares fell to a two-year low and had been final down 0.6%. The media large reported higher-than-expected streaming subscriber development, however warned in regards to the Covid impression on parks in Asia.

These strikes got here as merchants pored over the most recent U.S. inflation knowledge. Contemporary producer value index knowledge, which measures costs on the wholesale stage, rose 11% yr over yr.

On Wednesday, the U.S. authorities posted the most recent shopper value index studying, which confirmed an 8.3% year-over-year soar in April. That is greater than what economists anticipated and near a 40-year-high of 8.5%. The report triggered buyers to proceed to promote dangerous belongings like tech shares.

Shares have been underneath strain just lately, as concern over rising inflation and better rates of interest have dented market sentiment. Yr up to now, the S&P 500 is down about 17 and is buying and selling practically 18% under a file excessive set in January.

However even because the sell-off positive aspects steam, Tom Lee of Fundstrat stays bullish on shares. He stated if the market finds its footing “we’re in a world of double digit anticipated returns.”

“This week is fascinating as a result of the inventory market declines have accelerated downwards, so the waterfall is accelerating however issues that usually would corroborate a waterfall decline like yields or the VIX haven’t been,” Lee informed CNBC’s “Closing Bell: Time beyond regulation.” “The bond market’s really been fairly steady even within the face of a sizzling CPI and the VIX really has been falling.”

He famous that of the 16 instances since 1940 that the market has declined 16% in a four-month interval, it was greater six months later in 12 of these occasions.



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Tags: AttemptscomebackcutLossesMarketNasdaqPositiveselloffstocksTurns
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