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  • The US stock market declined on Tuesday due to news of a possible interest rate change

The US stock market declined on Tuesday due to news of a possible interest rate change

By on May 5, 2021 0

On Tuesday, Janet Yellen, the newly elected Treasury Secretary and former Fed chief, unexpectedly announced a possible interest rate hike to keep the economy from overheating. Taking into account the strategy of many investors “Sell in May and go”, the main US indices reacted with a sharp drop, but slightly recovered their positions at the end of the session.

European stock markets also fell on Tuesday amid a sell-off in technology stocks. The UK FTSE fell 0.67% and the German DAX lost -2.49%.

Oil prices continue to show an upward trend. Today, news on crude oil stocks is expected to be released so volatility will be high.

Holidays in Japan, China and South Korea helped “soften” the Asian market movement and as a result, the larger MSCI Asia-Pacific stock index remained at the same level.

PayPal, PepsiCo, Uber, Danaher Corp., Unilever, Philip Morris, Booking Holdings and General Motors report the first quarter of 2021 today.

Main market quotes:

  • S&P 500 (F) 4,192.66 + 11.49 (+ 0.27%)
  • Dow Jones 34,113.23 + 238.38 (+ 0.70%)
  • DAX 15,236.47 + 100.56 (+ 0.66%)
  • FTSE 100 6,969.81 0 (0%)
  • Index USD 90.96 -0.33 (-0.33%)

Important events:

  • RBNZ Financial Stability Report (m / m) at 00:00 (GMT + 3);
  • Job change in New Zealand (m / m) at 01:45 (GMT + 3);
  • New Zealand unemployment rate (m / m) at 01:45 (GMT + 3);
  • New Zealand Governor Adrian Orr speaks at 02:00 (GMT + 3);
  • Change in non-farm employment in the United States ADP (m / m) at 3:15 p.m. (GMT + 3);
  • US ISM Services PMI (m / m) at 5:00 p.m. (GMT + 3);
  • US crude oil reserves at 5:30 p.m. (GMT + 3).