Friday, June 2, 2023

Wall Street closes on mixed ground and the Dow Jones down 0.23%

Wall Street closed this Wednesday on mixed terrain, and the Dow Jones Industrials, its main indicator, was down 0.23%, when investors analyze another day of business results.

At the close of operations, the Dow Jones fell to 33,897.34 units and the selective S&P 500 subtracted 0.01% to 4,154.55 points.

For its part, the composite index of the Nasdaq market, in which the main technological, it rose 0.03% to 12,157.23 integers.

Investors are looking closely at corporate results to determine the health of the company after the collapse of Silicon Valley Bank, interest rate hikes by the US Federal Reserve (Fed) and high inflation.

This morning, companies like Abbott Labs, Baker Hughes, Morgan Stanley, Citizens Financial, Nasdaq and travelers reported their latest quarterly results, along with regional banks like Citizens Financial and US Bancorp.

For their part, IBM and Tesla are scheduled to publish their results this afternoon.

Of the 9% of S&P 500 companies that have announced results so far, 84% have reported better-than-expected earnings per share, according to FactSet.

The sectors with the most gains were public services and real estate, with an increase of 0.78% and 0.55%, respectively. While the biggest losses were for communications and raw materials, which fell by 0.72% and 0.31%, respectively.

Among the 30 Dow Jones stocks, the companies with the biggest losses were Cisco (-4.51%) and UnitedHeath (-3.62%). The biggest gains were for Travelers (6.15%) and Johnson & Johnson (0.94%).

Shares of Netflix were down 3.17% after the company announced yesterday that it will delay its crackdown on password sharing.

In other markets, Texas oil closed at US$79.16 a barrel, and at the end of the trading session the yield on the 10-year US bond rose to 3.598%, gold fell to $2,006 an ounce, and the dollar gained ground against to the euro, with a change of 1.0952.

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