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US market close: Wall Street mounts comeback

By Joseph Toppe

20:54, 24 January 2022

Market data with words
Market data - Photo: Shutterstock

US stocks plummeted for most of the Monday session until rallying late to record gains just minutes before the closing bell.

The Dow Jones Industrial Average climbed 101 points, or 0.30% after losing over 1,000 points earlier in trading, the S&P 500 went up 0.28%, while the Nasdaq Composite improved 0.63%.

Halfway through the session, the Dow was down near 615 points, or 1.72%, the S&P was off roughly 2.31%, and the Nasdaq was approximately 2.76% in red territory.

The market had been in a downward spiral as investors began pulling back before the US Federal Reserve’s policy meeting this week.

Fed meeting

The US Federal Reserve will begin a policy meeting this week to determine how high interest rates will go to control record inflation, which rattled the markets in anticipation of their decision.

When the two-day meeting concludes on Wednesday, the US Federal Open Market Committee is expected to outline multiple rate hikes beginning in March, while chair Jerome Powell may also reveal when the central bank could begin unwinding the balance sheet at his post-meeting news conference.

According to market positions, including Kathy Bostjancic, director of US Macro Investors Services at Oxford Economics, “chances are less than 5% the Fed would go higher than 25 basis points in March.”

The Fed is also expected to start wrapping up its monthly asset purchase programme the same month.

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Winners & losers: Tech mixed

In the technology sector, shares of Advanced Micro Devices (AMD) are down 1.92%, while Nvidia dropped slightly to 0.0086% in negative territory, and Intel backpedalled 0.19%.

Shares of Meta are up 1.83%, Twitter is up 0.69%, while Snap has fallen 1.00% and Pinterest is 5.64% better.


16,019.80 Price
+0.080% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


17,047.00 Price
-1.840% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0044%
Overnight fee time 22:00 (UTC)
Spread 5.0


35,552.10 Price
+0.490% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 2.2


4,556.40 Price
+0.050% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.8

In other technology stocks, shares of Adobe are 3.95% higher, Apple is off 0.49%, Microsoft is 0.11% better, and Amazon is 1.33% in the green

Elsewhere, shares of AMC Entertainment Holdings dropped 7.40%, as GameStop retreated 5.84%.

With rising Omicron cases around the globe, vaccine makers Pfizer are 2.37% lower, Moderna remains down at 1.73 % in the red, and Johnson & Johnson is 1.15% in decline.

Oil: Lowest in over week

Oil futures are down on Monday as West Texas Intermediate crude for March delivery slipped $1.83, or nearly 2.2%, to settle at $83.31 a barrel on the New York Mercantile Exchange, while March Brent crude, the global benchmark, shed $1.62, or 1.8%, at $86.27 a barrel on ICE Futures Europe.

In energy stock, shares of Hess are up 1.20%, while Exxon Mobil is 0.21% better.

Gold: Precious metal rises

Gold futures went up to start the week as February gold jumped $9.90, or 0.5%, to settle at $1,841.70 an ounce.

Forex: US buck up

On Monday, one US dollar equals $0.88 of the euro, $0.74 of the Pound sterling, and $1.27 of the Canadian dollar, after falling to $1.25 of Canada’s currency last week.

In the bond market, the yield on 10-year Treasury notes fell, dropping to 1.717% from 1.747% Friday.

Read more: Fed pivot frays markets ahead of Wednesday decision

Markets in this article

Adobe Systems Inc (Extended Hours)
623.05 USD
-0.75 -0.120%
Advanced Micro Devices Inc (Extended Hours)
124.24 USD
1.94 +1.590%
AMZN Inc (Extended Hours)
146.62 USD
-0.52 -0.350%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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