The main stock indices on Wall Street are witnessing remarkable ups and downs fluctuations without a specific destination, today, Friday, with the rise in shares of Tesla (NASDAQ: TSLA) and the stability of regional banks after selling operations, while hopes that the rise in interest rates will stop boosting investor sentiment.
At the same time, gold fell again after turning higher a little while ago, coinciding with the release of the Michigan index data.
Look at the market
Regional banks rose broadly after falling in the previous session. The SPDR S&P Regional Banking ETF (KRE) rose 0.6%. Western Alliance advanced by 1%, and Backoist increased by 0.9%. On Thursday, regional banks fell broadly after Bacoist Bank said its deposits fell sharply last week.
Tesla shares rose 2.2% after Elon Musk said on Thursday he would step down as CEO at Twitter.
Investors are also watching the US debt ceiling negotiations. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was scheduled for Friday has been postponed to next week.
Investors are emerging from a fourth straight losing session for the Dow Jones Industrial Average, which fell on Thursday by more than 200 points, or 0.66%. While the S&P 500 fell by 0.17%. By contrast, the Nasdaq Composite added 0.18%.
As of Thursday’s close, the Dow Jones and S&P 500 are heading for their second consecutive negative week, down 1.08% and 0.14% this week, respectively. However, the Nasdaq Composite is on track for a third consecutive positive week, up 0.76%.
Important data
A preliminary reading of the University of Michigan Consumer Sentiment Index showed a decline to 57.7 in May. Economists expect the May reading to be 63.0, which will be lower than the previous reading of 63.5.
The preliminary reading of the Michigan index of inflation expectations in May increased by 4.5%, while expectations were for a rise of 4.4%, and the previous reading had recorded 4.6%.
-The survey also showed that inflation expectations over the next 5 years rose to 3.2 percent, near the highest level since June 2008.
-Pointers now
The Dow Jones Industrial Average fell 0.05 percent to 33,292 points.
The Standard & Poor’s 500 index fell to 4,124 points, or 0.15%.
While the Nasdaq Composite Index fell by 0.31 percent to 12,287 points.
markets now
Gold futures fell 0.18% to 2017 dollars.
While gold fell in spot transactions by 0.17% at 2012 dollars an ounce.
The dollar index rose by 0.35% at 102.25 points.
Brent crude rose 0.35% to $75.2 a barrel.
Texas crude gained nearly 0.4% to $71.1 a barrel.
