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Market Recap: The market sinks as investors search for what's next

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Moomoo Recap US joined discussion · Jul 8, 2021 19:06
Market Recap: The market sinks as investors search for what's next
Hey moomooers,
Here is the latest Market Recap for you.

Dow, S&P 500 and Nasdaq all book worst daily percentage drop since June 18. “Risk off” was the name of the game in markets on Thursday, as stocks slumped while the bond rally continued.

Stocks to watch: $Coinbase(COIN.US)$, $Overstock.com Inc(OSTK.US)$, $Advanced Micro Devices(AMD.US)$, $NVIDIA(NVDA.US)$, etc.
Market Snapshot

U.S. stocks closed lower on Thursday, as falling bond yields reflected investor concern over the global economic recovery.
The $S&P 500 Index(.SPX.US)$closed down 0.86%; The $Dow Jones Industrial Average(.DJI.US)$closed down 0.75%; The $Nasdaq Composite Index(.IXIC.US)$closed down 0.72%.
Source: moomoo
Source: moomoo
Stock futures were flat in overnight trading Thursday after the major indexes fell sharply.
Market Recap: The market sinks as investors search for what's next
What to drove the market?
Economic recovery worries
U.S. stock benchmarks retreated, with the weaker tone across global equities attributed, at least in part, to worries that the recovery could be slowed by persistent supply bottlenecks and the spread of thepandemic.
Earlier Thursday, the U.S. Labor Department said initial jobless claims rose to 373,000. Economists had looked for claims to drop to 350,000.
Drop in bond yields
The 10-year U.S. Treasury yield was down 3.4 basis points at 1.287% after dipping below 1.25%, its lowest since February.
Market Recap: The market sinks as investors search for what's next
Analysts have scrambled to explain the Treasury rally, which has seen the 10-year yield tumble from above 1.40% at the beginning of the month, with explanations ranging from a loss of faith in the economic recovery, to global appetite for yield, to technical factors that have seen a flush out of speculative bets on rising yields.
The price action across markets reflected a "tug of war between fears of inflation and fears of growth peaking," said Art Hogan, chief market strategist at B. Riley-National.
In the end, such fears are likely to prove unfounded as bottlenecks resolve themselves and as corporate earnings reports begin to roll in next week, Hogan said.

What stocks to watch

 $Coinbase(COIN.US)$
Coinbase Global dropped 3.1% as the price of Bitcoin fell below $32,500, before recovering slightly by the afternoon.

 $Overstock.com Inc(OSTK.US)$
Overstock.com gained 4.6% after being initiated at Buy at Needham and getting added to the firm’s conviction list.
$Advanced Micro Devices(AMD.US)$ $NVIDIA(NVDA.US)$
Chip stocks are in the red, amid concern about global growth. The declines came despite Oppenheimer raising its price target on Nvidia and Goldman Sachs raising its price target on Advanced Micro Devices Thursday morning.

Source: Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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