November 23, 2021

This Is Why Wall Street Betrayed From Today's Record

 Wall Street markets plunged from Monday’s highs and lender shares rose as 2 -year U.S. treasury yields rose after President Joe Biden re -nominated Jerome Powell as chairman of the Federal Reserve (Fed) for a second term.

The S&P 500 was down 0.32% during the close at 4,682.88 points and the Nasdaq Composite was down 1.26% at 15,854.76 a deck of losses in tech stocks.

The Dow Jones Industrial Average was up 0.05% or 17.28 points at 35,617.83.

Biden has nominated Jerome Powell as Fed chairman and Lael Brainard as deputy chairman. Powell's current tenure as chairman has proven positive for risky assets with S&P reaching 69.7% since his appointment.

The US dollar index rose 0.52% against a basket of other currencies.

Meanwhile, European stocks remained unchanged as a result of pressure from concerns about the rise of the Covid-19 case.

The pan-European STOXX 600 index was unchanged after a filing from German Chancellor Angela Merkel said much of the European economy needed to be tightened to control the wave of Covid-19 infections.

The MSCI Europe gauge fell 0.6% after investors weighed in on the possible impact of the new Covid-19 sanctions on the economic outlook.

The Euro index was down 0.57%, hitting a 16 -month low.

The MSCI broad index for Asia-Pacific stocks outside Japan fell 0.11%.

Gold prices are under pressure as Powell’s candidacy expects the central bank to remain on track to manage economic support.

Spot prices fell 2.16% and gold futures were down 2.4% at $ 1,806.30.

Brent crude oil prices rose 1.03% at $ 79.70 a barrel and U.S. crude oil prices rose 1.07% at $ 76.75 after an OPEC+ report plans to increase oil production should large countries release their reserves and the risk of a Covid-19 outbreak slows demand.

Bitcoin fell 4.5% which furthered the fall recorded its worst week in 2 months last week.