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17.09.202110:18 Forex Analysis & Reviews: US stock market confused, investors worry about domestic statistics

At the close of Thursday's trading day, US stocks were mixed amid strengthening consumer, telecommunications, and technology sectors. The materials, oil and gas, and utility sectors, on the other hand, dropped.

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Thus, the Dow Jones Industrial Average index fell 0.18%, closed the trading session at 34751.32. The S&P 500 dropped 0.16% to 4,473.75. Meanwhile, the Nasdaq Composite rose 0.13% to 15181.92.

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Investors were interested in recent economic data on the eve of the Federal Reserve meeting scheduled for next week. According to the published information, market participants' worries about declining consumer sentiment, which could trigger a drop in retail sales, have not been confirmed. A number of additional indexes, released at the same time as the sales data, also reassured traders.

The recent report of an unexpected increase in retail sales in August was partly offset by a downward revision of the July statistics. This fact prevented the market from rising to its full potential the day before.

Last month, US retail sales increased 0.7% compared to July, despite analysts' expectations. They had projected a fall of 0.8%.

By the end of Thursday's trading session, US multinational Cisco Systems Inc had shed 0.4% (to $57.33), despite a spectacular rise at the beginning of the session. The network equipment developer expects revenue growth of 5-7% over the next four financial years. The manufacturer's favourable scenarios relate to the active development of the Cisco software subscription business.

Shares of Beyond Meat, one of the world's largest producers of meat substitutes, lost 2.3%. A spectacular drop in quotations happened amid the company's rating decrease by experts from Piper Sandler Bank

AMC Entertainment Holdings Inc fell 1.7%. The US cinema chain said it planned to accept cryptocurrency for online ticketing by the end of 2021.

Shares of Goldman Sachs Group (-1.3%), Dow Inc (-1.2%), and Merck & Co (-1.15%) posting losses Thursday afternoon, dragging the Dow Jones Industrial Average into negative territory.

Meanwhile, meal delivery service DoorDash Inc soared 5.6% after analysts at Bank of America Securities upgraded its rating.

FedEx Corp, the US-based global logistics services provider, rose 0.7% amid management's announcement of its intention to hire 90,000 employees for the pre-holiday period.

Anheuser-Busch InBev, an international brewing corporation, gained 0.4%.

Shares in Silverback Therapeutics Inc. fell to all time lows; down 23.08% to 12.50.

As a result, on the New York Stock Exchange, the number of undervalued stocks (1,801) exceeded the number that gained value (1,393). At the same time, the 138 securities remained almost unchanged.

The Cboe Volatility Index, which is based on the S&P500 options trade, rose 2.81% to 18.69.

As for other world markets, Gold futures for December settled at $1753,95 an ounce, losing 2,28%.

West Texas Intermediate Crude oil futures for October settled at $72.61 a barrel. Brent crude futures for November delivery rose 0.25%, to $75.65 a barrel.

The EUR / USD trading pair lost 0.39%, falling to 1.1769, while the USD/JPY climbed 0.32% to the level of 109.71.

Irina Maksimova,
Pakar analisis InstaForex
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