US markets end higher on Wednesday

08 Sep 2022 Evaluate

The US markets ended higher on Wednesday with Nasdaq settling higher over two percent as some traders looked to pick up stocks at reduced levels following the recent weakness, which dragged the major averages down to their lowest levels in over a month. While other recent bargain hunting efforts have faltered over the course of the trading day, traders may now feel that interest rate concerns have been priced into the markets. Meanwhile, the rebound also came amid a pullback by treasury yields, with the yield on the benchmark ten-year note giving back ground after reaching a nearly three-month high on Tuesday. Markets saw further upside following the release of the Federal Reserve's Beige Book, which said economic activity in the US has been essentially unchanged since early July. The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, noted five districts reported slight to modest growth in activity and five others reported slight to modest softening.

With regard to inflation, the Fed said prices remained highly elevated, with substantial price increases reported across all districts, particularly for food, rent, utilities, and hospitality services. However, the report noted nine districts reported some degree of moderation in rate of price growth in recent months. A separate report released by the Commerce Department showed the US trade deficit narrowed significantly in the month of July. The Commerce Department said the trade deficit shrank to $70.6 billion in July from a revised $80.9 billion in June. Street had expected the trade deficit to narrow to $70.3 billion from the $79.6 billion originally reported for the previous month. On the sectoral front, airline stocks showed a substantial move back to the upside over the course of the session, with the NYSE Arca Airline Index soaring by 4.3 percent after ending the previous session at its lowest closing level in over a month.

Dow Jones Industrial Average rose 435.98 points or 1.4 percent to 31,581.28, Nasdaq surged 246.99 points or 2.14 percent to 11,791.9 and S&P 500 was up by 71.68 points or 1.83 percent to 3,979.87.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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