Stock Market This Week (US): Why did Nasdaq rally this week? Check out the key highlights
Stock Market This Week (US)
The US market snapped a three-week losing streak to close high this week. The Dow added 2.7%, the S&P 500 gained 3.6%, while the Nasdaq closed 4.1% higher. Positive investor sentiments pushed the US stock market higher amid midweek decline in oil prices and moderating inflation fears.
US stock market this week: Stocks movement this week
The US market was closed on Monday on account of Labor Day.
On Tuesday, the US stocks ended in red on a volatile trading session as investors weighed rising rates and strong economic data. The bond yields surged as the US 10-year treasury jumped to 3.353%. The defensive stocks were a key highlight for the day.
The US stock ended positive on Wednesday as rates and oil prices eased, cooling investor concerns about continued high inflation. Oil prices slumped with West Texas Intermediate crude settling near $82 per barrel.
The US market closed on Thursday with gains before the market moved between gains and losses. Investors weighed Federal Reserve Chair Jerome Powell’s comments on the central bank continuing to fight inflation.
On Friday, the US stocks rallied as investors caps off a strong weekly performance recovering from a Fed's induced slump. Oil prices rose Friday amid threats from Russia’s Vladimir Putin that supply would be cut.
US stock market this week: Major events
Tesla stock update: Tesla sold 47,629 cars in August, around 11% more than in July, showing an upward trend month-over-month. Tesla increased its market share in the United States from 2.1% in 2021 to 4.1% this year. An analyst at Wolfe Research has given an OUTPERFORM rating to Tesla and increased the target price from $317 to $360 per share. Check out our detailed articles to know more.
GDP contracted in the first half: The economic discussion shifted quickly from reopening to a recession, with a negative sign in front of GDP growth for the first and second quarters of this year. Consumer spending which accounts for 70% of GDP has been healthy this year, despite interest rates and rising prices. In the first half of the year, GDP was negatively impacted by sizable swings in inventories and net trade values.
Treasury yield: The yield on the benchmark 10-year Treasury note stood at 3.317% on Friday, while the yield on the 30-year Treasury bond stood at 3.456%. The yield on the 2-year note was trading at 3.561% on Friday. Yields had ticked upward after the European Central Bank hiked interest rates by 75 basis points.
Purchasing Managers Index: The Institute for Supply Management said its services purchasing managers index (PMI) came in at 56.9 for August. It is higher than a Dow Jones estimate of 55.5. It means that the services sector expanded last month at a faster rate than expected.
How has the US market performed this week?
In a holiday-shortened week, the US market ended positive on three days out of four trading days. The Dow added 2.66%, the S&P 500 gained 3.65%, while the Nasdaq Composite is 4.14% higher.
How many vehicles did Tesla sell in August 2022?
In August, Tesla sold 47,629 cars, 11% higher than in July, showing an upward trend month-over-month.
How were GameStop's Q2 results?
GameStop reported disappointing results for the second quarter as total sales fell year-on-year and losses widened compared to the year-ago period.
How has crude oil performed this week?
Oil prices rose about 4% on Friday, supported by real and threatened cuts to supply. Brent crude rose 4.1% to settle at $92.84 a barrel. US West Texas Intermediate (WTI) crude rose 3.9% to settle at $86.79 a barrel.