Indexes increase at 12:14 PM, but only the Dow goes positive.
At noon, the Nasdaq Composite was down 144 points, or 1.2%, to 11,646, the S&P 500 was down 13 points, or 0.3%, to 4,068. The Dow was up 33 points, or 0.1%, to 33,733. To 1,911, the Russell 2000 fell 4 points (0.2%).
Investors are anticipating the CPI figures for the coming week.
According to Michael Hewson, chief market analyst at CMC Markets UK, “this week’s statistics for January might well go some way to determining how many more rate hikes could be on the way in the coming months.” “The most recent ISM services survey revealed that while earnings continue to look resilient, prices paid remained resilient at 67.8. This is probably going to be reflected in a comparable increase in inflationary pressure, with the headline CPI predicted to increase by 6.2% annually and by 0.4% on a monthly basis. On a yearly basis, core prices are predicted to increase by 0.5% and 5.4%.”
9.40 am: The week comes to a depressing close.
The Nasdaq Composite had down 47 points or 0.4% at 11,740 points just after the market began, while the S&P 500 was down 3 points or 0.1% at 4,079 points and the Dow Jones Industrial Average had gained 12 points or 0.04% at 33,712 points.
Equity markets ended the week on a flat or slightly down tone, according to senior market analyst Craig Erlam of OANDA, which essentially reflected the attitude throughout the week.
After the explosive employment data last week, “central bankers, notably from the Fed, have come out in force emphasizing prudence about interest rate expectations,” he added.
In the meanwhile, when Russia declared its intention to reduce March oil output by 500,000 barrels per day, crude oil had risen 1.1% to US$78.91.
In light of the week’s declining mood, Wall Street is anticipated to begin lower on Friday. Investors will be watching next week’s consumer prices index (CPI) inflation report for more cues.
In pre-market trade on Friday, futures for the Dow Jones Industrial Average (DJIA) sank 0.4%, those for the larger S&P 500 index fell 0.6%, and those for the Nasdaq-100 fell 1.1%.
US equities reversed course to close down on Thursday, headed lower by Nasdaq heavyweight Alphabet as a result of a botched AI chatbot presentation by Bard AI and as further Fed members emphasized the necessity of rising interest rates.
As of market closing, the DJIA was down 0.7% at 33,670, the Nasdaq Composite was down 1% at 11,790, and the S&P 500 was down 0.9% at 4,082.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said, “US markets started off Thursday session on a bullish note, but sentiment quickly soured as the Fed hawks didn’t allow the bulls enjoy gains.
However, there is little certainty on Fed forecasts before to next Tuesday’s CPI announcement, the speaker continued.
The headline inflation rate for January is anticipated to have decreased from the 6.6% annual increase recorded in December in the CPI data, which is scheduled to be released on February 14.
“That willpower will grow even stronger and might lead to a severe reversal in the equities boom if inflation statistics don’t show the lowering predicted,” Ozkardeskaya said.