Wall Street has been hit by a brutal market sell-off this year.
Spencer Platt/Getty Images
US stocks were mixed on Thursday as investors took in the week’s inflation readings.
The Dow retraced some earlier losses, but still closed lower for a sixth straight session.
The sell-off in crypto also continued, with bitcoin struggling to stabilize around $30,000.
US stocks fell Thursday, with the Dow Jones Industrial Average down for a sixth straight session. Traders digested the latest Producer Price Index data, which showed wholesale prices rising 11% year over year, above the expected 10.7%.
“We are forecasting that inflation will not decline significantly until the Fall, where we expect energy prices to peak after the summer driving season and the housing sector to cool off in response to the rise in 30-year mortgage rates to 5.5%,” wrote Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Management in New York.
“If long-term interest rates continue to stabilize, we believe the stock market will find a bottom in the 3,800-4,000 range as our valuation model of the S&P is 4,100 assuming a 10-year treasury rate,” he added.
Here’s where US indexes stood as the market closed 4:00 p.m. on Thursday:
S&P 500: 3,930.23, down 0.13%
Dow Jones Industrial Average: 31,729.77, down 0.33% (104.34 points)
Nasdaq Composite: 11,370.96, up 0.06%
Amid the sell-off in digital assets, the total value of the cryptocurrency market has plunged 28% over the last week to roughly $1.2 trillion, the lowest mark since July. Crypto billionaire Sam Bankman-Fried and other sector heavyweights have seen huge drops in their net worth in the turmoil.
Meanwhile, Russia is earning $20 billion per month in oil sales as higher crude prices have lifted export revenue 50%, the International Energy Agency reported. That brings the country’s daily exports back to 8.1 million — the same rate as before the …read more
Source:: Business Insider