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Home»Finance»Dow Ends Lower As Richmond Fed Chief Warns Against This; Virgin Galactic Fades
Finance

Dow Ends Lower As Richmond Fed Chief Warns Against This; Virgin Galactic Fades

finvestadminBy finvestadminJune 16, 2023No Comments4 Mins Read
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The Dow Jones Industrial Average was rocked, dropping 0.3% at the closing bell. Richmond Fed President Tom Barkin said on Friday that the central bank is prepared to raise interest rates if inflation doesn’t ease soon.




X



He warned against prematurely reversing rate hikes.

The S&P 500 also fell 0.4%. Consumer staples and utility bills rose at 4 p.m. ET. Healthcare stocks rose slightly. Healthcare Select Sector SPDR ETF (XLV) above the 50-day moving average this week.

The Nasdaq trimmed its early gains to end 0.7% lower. As software leaders decline, Adobe (Adobe) and Tesla (TSLA).

Trading volumes on the New York Stock Exchange and Nasdaq were higher than at the same time on Thursday.

The small-cap Russell 2000 was a late starter, down 0.9%. Innovator IBD 50 (FFTY) fell 0.4%.

The benchmark 10-year Treasury yield rose four basis points to 3.76%. Crude oil rose to $71.94 a barrel.

Stocks are moving outside the Dow Jones today

Adobe (Adobe) rose after reporting second-quarter results late Thursday. The company believes generative AI will further drive adoption of its products. Stocks erased most of their early gains and ended 1% higher.

IBD Leaderboard stock draft kings (DKNG) fell more than 1% after gaining on news of PointsBet’s proposed acquisition of its U.S. business. The transaction is an all-cash transaction worth $195 million. Stocks fell to test the 21-day moving average on Friday.

SpaceX rival Virgin Galactic (space) saw a significant surge in transaction volume as it rolled out plans to launch its commercial space business later this month. But most of the early gains have disappeared. After jumping more than 45% earlier in the day, the stock closed 16% higher.

electric car manufacturers rosetown motors (get on) surged nearly 3% earlier in the day on news that it had received $140 million in funding from the National Electric Vehicle Infrastructure Group to set up EV charging stations in Ohio. Shares closed 0.5% lower.

But the apparent short squeeze among EV startups is likely causing the mini-rally.

Tesla’s rival Nicola (NKLA) also had a strong week. NKLA shares doubled this week, offsetting some of Friday’s big gains. However, the stock is trading at just $1.30 per share.

Tesla rose nearly 2% after CEO Elon Musk met with French President Emmanuel Macron about a potential second European factory. According to reports, plans to build a plant in Spain are already underway.


Market is strong but ready for a pullback.10 stocks to watch


Featured stock

At the Dow, intel (INTC) continued its winning streak after breaking out at 33.84 buy points on Tuesday. Cisco (CSCOMore) also added gains after breaking above 50.58 earlier this week.

About Holdings (Onon) is building support on the 50-day line. The Swiss-based running shoe maker’s share price is in the profit-taking zone from its previous buy point of 24.11, but could offer a fresh entry. ONON is on the IBD leaderboard watchlist. Read more: Roger Federer backs keeping major-level tests. Here’s how to trade ONON shares:

data dog (DDOG) is a cup with handle pattern approaching the buy point at 103.80.of big cap 20 Inventory ranks high enterprise software group.

Other than Dow Jones fluence energy (FLNC) fell below the buy point of 26.78. Watch if the stock enters and forms a handle at 29.55.of IBD50 The company manufactures energy storage products and cloud-based software for renewable energy and energy storage companies.

fedex (FDX) is trading near the buy point at 235.81 ahead of Tuesday’s earnings report.

The US consumer confidence index improved to 63.9 in June from 59.2 in May, according to a preliminary survey by the University of Michigan. Inflation outlook has weakened.

please follow Vramakrishnan Follow us on Twitter for more stock market news today.

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MarketSmith: Research, charts, data and coaching all in one place

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