Market Updates
Sentiment Sours On Economic Worries, Rising Mortgage Rates, and Elevated Energy Prices
Barry Adams
01 Jun, 2022
New York City
Market indexes in New York retained a downward bias on the worries that the U.S. economy may face stronger headwinds ahead.
The S&P 500 index declined 0.7% to 4,101.79 and the Nasdaq Composite fell 0.7% to 11,994.45.
The yield on 10-year Treasury notes increased to 2.935%.
The futures of crude oil jumped 69 cents to $115.37 a barrel and natural gas jumped 7% to $8.53 a mBTU unit.
In volatile trading, market indexes opened higher and quickly dropped below the flatline after the the Bureau of Labor Statistics released the JOLTS or Job Openings and Labor Turnover Survey.
The indexes continued to decline for the next three hours and touched the intra-day low before 1:00 p.m. ET but managed to rebound and erased most of the losses before 3 p.m. ET.
In the final hour of trading, stocks lacked direction and closed down.
The job openings declined 445,000 from an upwardly revised record 11.855 million in March.
The gap between the number of people searching for jobs and available jobs shrank to 5.46 million in April from 5.6 million in March.
Job openings as a share of the labor force declined to 7%.
Recent comments from JPMorgan Chairman Jamie Dimon also weighed on the market.
The economy is "headed for a hurricane" and "you better brace yourself" and no one knows if the hurricane is
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