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(DAILY NOTION): Mixed Closing on Wall Street As The Bulls Slip, Next Mover: Initial Jobless Claims

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NASDAQ 100 (as of Mar 11, 2021 at 11.55 a.m.)

(DAILY NOTION): Mixed Closing on Wall Street As The Bulls Slip, Next Mover: Initial Jobless Claims

Source: Yahoo Finance

SPX 500 (as of Mar 11, 2021 at 11.55 a.m.)

(DAILY NOTION): Mixed Closing on Wall Street As The Bulls Slip, Next Mover: Initial Jobless Claims

Source: Yahoo Finance

US30 (as of Mar 11, 2021 at 11.55 a.m.)

(DAILY NOTION): Mixed Closing on Wall Street As The Bulls Slip, Next Mover: Initial Jobless Claims

Source: Yahoo Finance

It was a mixed closing on Wall Street as the US30 closed 1.46% higher and the SPX500 gained 0.60%, but the NAS100 fell 0.04%. Broadly, the gains were contributed by the financial, basic materials and oil and gas sectors, while the healthcare, technology, and consumer goods sectors led the losses. Meanwhile, the CBOE Volatility Index dropped to 22.56, marking a 6.12% decrease, Investing.com reported.

Over in the broader market, traders would most likely be keeping an eye on the results of the initial jobless claims. Meanwhile, the U.S. Consumer Price Index (CPI) for February came in at 0.4%. On a yearly basis, the CPI increased 1.7%, marking the highest jump since February 2020, the Consumer News and Business Channel (CNBC) reported.

Concerns over inflation still dominate the market, especially with the 10-year U.S. Treasury yields shooting up above 1.6% this week. With the $1.9 trillion Biden Stimulus package clearing the final hurdle at the U.S. House, there are concerns if the overstimulation of the economy would contribute to a rise in inflation. President Biden is due to sign the bill into law on Friday. It was a narrow victory in the U.S. House, with a final tally of 220-211. The Republicans did not favour the size of the bill, over concerns that it would further weigh on the hefty debt that the U.S. is already shouldering.

Needless to say, many eyes would be the progress of the U.S. economic recovery in the coming days, especially with high profile figures in the financial landscape such as the Chief Economist of the International Monetary Fund (IMF) Gita Gopinath and the new U.S. Treasury Secretary, Janet Yellen, supporting the bill.

Only time will reveal the success of this endeavour, but the question on Wall Street would be if the bulls can ride further and end the week on a high note.

FOLLOWME User Sentiment (as of Mar 11, 2021 at 11.50 a.m.)

SPX500

Short – 84.21%

Long – 15.79%

NAS100

Short – 54.14%                

Long – 45.86%

US30

Short – 77.56%

Long – 22.44%


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