Daily Update 05/05/2021 : Wall Street declines on Yellen’s comments and tech selloff - Kakiforex.com - Financial Market Media No. 1 in the World Daily Update 05/05/2021 : Wall Street declines on Yellen’s comments and tech selloff Daily Update 05/05/2021 : Wall Street declines on Yellen’s comments and tech selloff
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May 5, 2021

Daily Update 05/05/2021 : Wall Street declines on Yellen’s comments and tech selloff

 Today’s highlights


  • Yellen’s comments weigh on markets
  • Dogecoin jumps 50%
  • UK markets lower

 

US indices mixed following Yellen interest rate comments


US stock indices were mixed yesterday, after a selloff in technology shares, and statements from Treasury Secretary Janet Yellen in which she said interest rates may need to rise following trillions of dollars in government stimulus. The tech heavy NASDAQ100 was sharply lower, with only four names in the index adding more than 1%. At the bottom of the pile, pharmaceutical firm Moderna, dating company Match Group, biopharma company Incyte and digit contracts business DocuSign all fell by more than 5%. In the SPX500, which fell 0.7%, laser company IPG Photonics was the biggest loser at -10.4%. That fall followed the firm announcing a change of CEO.


Dogecoin leaps 50%


While the crypto market was mixed over the past 24 hours, several top 10 cryptos registered double-digit gains. Dogecoin , led the way with gains of more than 50% since yesterday. Other double-digit gainers include Litecoin, Chainlink and Bitcoin Cash. Bitcoin, however, was seen lower, falling more than 2% and priced at around $54,000 at time of writing.


Ocado down, gold miners rebound


The UK100 started a shortened trading week in the red yesterday, with a 0.7% loss. Asset management firm Intermediate Capital Group, online supermarket Ocado Group, and education publisher Pearson were the biggest losers, all down by more than 4%. So far, 2021 has been a rough ride for Ocado, as the prospect of mass vaccination and shoppers returning to stores in-person threatens to hamper its growth from here after a boost from the pandemic. Year-to-date, the company’s share price is down by 12.4%, after a 29% slump over the past three months. At the top of the UK100, precious metals miners Fresnillo and Polymetal International both added 3%, a partial rebound from the significant losses they suffered last week.


Other highlights


Oil jumps to 50-day high: The black gold yesterday surged 2%, as optimism regarding a global return to normal lifted oil prices. At time of writing, oil was trading above $66, at a price level not seen in 50 days.




Asian markets seen higher: Markets in the East were in the green this morning, as the China50, JPN225 and HKG50 were all seen higher at time of writing. Banks in China and Japan are closed today due to national holidays.




Gartner jumps on earnings beat: IT research company Gartner yesterday turned in a standout day, adding 14.2% after beating earnings expectations and upgrading its 2021 guidance. For the most recent and significant price movements in markets, check out the Market Movers page.




Lyft jumps on better-than-expected earnings: Ride hailing service Lyft’s share price jumped by 6% in after-hours trading yesterday, following the release of its Q1 earnings. The firm posted a significantly smaller loss than Wall Street analysts had been expecting, with above expectation rider figures and revenue per active rider. Today, Lyft’s main rival, Uber, will release its earnings after markets close.




Europe opens higher: The UK100 opened 39 points higher, the GER30 was up 97 points and the FRA40 opened 16 points higher