Home » What is the stock market doing today? June 20, 2022
NEW YORK (June 20): Index futures for the US and Europe rose modestly on Monday as investors pondered whether last week’s sell-off had extended enough to reflect concerns about rising interest rates and slowing economic growth.
In the wake of the worst week for the underlying index since the Pandemic started, S&P 500 contracts advanced about 0.7%. The Nasdaq 100 index futures gained about 0.5%. The dollar index declined. Due to a US holiday, Treasury futures traded mixed, and there was no cash trading.
The US stock market is going to have an extended weekend. The stock market session, which begins on Monday, will be anticipated by day traders and other investors. Nonetheless, June 20 is a stock market holiday commemorating Juneteenth National Independence Day. Juneteenth will be celebrated on June 20, 2022, because of a Sunday falling on the holiday. The US stock market closed on June 20, Monday, whereas on Tuesday, June 21, it will be open.
The Juneteenth holiday commemorates the June 19, 1865, proclamation by Union Army General Gordon Granger outlawing slavery in Texas and other southern states – after the emancipation proclamation had outlawed it.
A federal holiday was declared on June 17, June 17, 2021, when President Biden signed legislation making it a federal holiday. Juneteenth will be celebrated as a federal holiday for the first time in 2022.
The S&P 500 index rose 0.2% or 8.07 points to finish at 3,674.84. The benchmark index saw gains in five of its 11 broad sectors. A select sector SPDR for consumer discretionary (XLY), a select sector SPDR for technology (XLK), and one for communication services (XLC) gained 1.1%, 0.9%, and 1.4%, respectively. In comparison, a select sector SPDR for energy (XLE) plunged 5.5%.
The CBOE Volatility Index (VIX) fell 5.5% to 31.13 Friday. The volume of shares traded Friday was 18 billion, a higher level than the average for the last 20 sessions of 12.4. The NYSE had a 1.37-to-1 ratio of advancers to decliners. The advancing issues dominated the Nasdaq by 1.92-to-1.
Oil prices edge lower
The oil price fell 6% on Friday, $11 below the recent $125/barrel peak. Crude oil prices have fallen 0.8% to $118.98/barrel, while WTI crude closed at $116.79/barrel. Production in the United States has been at its highest since April 2020, and supplies are rising.
The stock market may rally next week as a result. Prices fell on concerns about the global economy, but oil prices have an inverse relationship with commodity prices, keeping the markets steady.
Therefore, American Express Company AXP and NVIDIA Corporation NVDA saw their shares rise by 4.9% and 1.8%, respectively. American Express is currently ranked #3 (Hold) by Zacks Investment Research.
In its worst week since 2020, Wall Street posted a decline in all three major indexes for the third straight week. Nasdaq, S&P 500, and Dow declined by 4.8%, 5.8%, and 4.8%. The Dow Industrials may be ready to join the S&P 500 in bear territory, with 11 of its last 12 weeks ending in negative territory. The Fed’s monetary policy has led to eternal inflation and recession fears, which have driven investor sentiment. A 75 basis point hike in the Fed’s benchmark interest rate was announced Wednesday, the first since 1994.