Market close: Nasdaq starts losing streak on Tuesday
By Joseph Toppe
03:00, 24 November 2021
The market was divided during trading on Tuesday after tech stocks pulled the Nasdaq to its second straight losing day.
The Nasdaq Composite ended the session down 0.5%, the S&P 500 closed 1.7% higher, while the Dow Jones Industrial Average was up 0.5% or around 200 points.
At the close of Monday’s session, the Dow Jones Industrial Average rose 17 points, or 0.1%, the S&P 500 fell 3% lower, while the Nasdaq Composite dipped 1.3% lower after starting the day higher.
Winners and losers: Big tech’s fall slows Nasdaq
Shares for Facebook-parent Meta fell over 1%, shares for Microsoft sank 0.8%, while shares for Twitter dropped 0.36% and shares for Netflix plummeted 0.11%.
In other tech stocks, shares for Roku slipped 0.11% during trading on Tuesday.
Shares for Zoom Video Communications sank 17% after the company reported sluggish sales.
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Oil: Crude futures rise after decision to release reserves
Oil futures are trading higher across all markets following US President Biden’s decision to release strategic oil reserves designed to provide relief for Americans at the gas pumps.
West Texas Intermediate crude for January delivery, the U.S. benchmark, jumped $1.75, or 2.5%, to close at $78.50 a barrel, while the global benchmark Brent crude, jumped $2.61, or 3.3%, to $82.31 a barrel.
Gold: December metals close mixed
Gold futures are down on Tuesday, threatening to extend their losing skid to four days as the precious metal has now dropped to the lowest value in about two weeks.
December gold traded at $22.50, or 1.2%, lower to settle at $1,783.80 an ounce, marking the lowest finish for a most-active contract since 3 November.
In other metals, December silver dropped 86.6 cents, or 3.6%, to settle at $23.435 an ounce, while December copper jumped 2.7 cents, or 0.6%, to settle at $4.4235 a pound, following a 0.2% slide a session ago.
Forex: Yields rise as US dollar strengthens
The yield on the benchmark 10-year US Treasury note went up to 1.658%, from 1.625% Monday.
During yesterday’s session, the yield on the two-year note climbed to 0.608%, from 0.580% on Monday.
On Tuesday, the dollar strengthened, with the WSJ Dollar Index rising to the highest level since July 2020.
On Tuesday, one US dollar equaled 0.89 of the euro, 0.75 of the pound sterling, 0.93 of the Swiss franc and 1.27 of the Canadian dollar.
Read more: Big oil responsible for high gas prices: US President
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