Wall Street opens in the red, Dow drops 1.26%

New York, May 31 (EFE). – Wall Street opened today in the red and the Dow Jones Industrial Average fell 1.26%, after a volatile month in which shareholders were concerned about rising inflation, the highest in four decades in the United States.

Ten minutes after the opening of trading, the Dow Jones index lost 418.35 points to 32,794.61, while the selective S&P 500 fell 1.10%, or 45.57 units, to 4,112.67.

The Nasdaq Market Composite Index, where major technology companies are listed, fell 0.90%, or 109.34 integers, to 12021.79.

After yesterday’s holiday, US stocks are on track to end the month lower.

In mid-May it looked like the S&P 500 was going to close in a bear market, defined as down 20% or more from the most recent rally, but a rally late in the month sent stocks higher and helped the benchmark index cut your losses.

The S&P 500 is now down 13% from its January high, according to Friday’s close.

“There is a little bit of market uncertainty about the relatively quick recovery we have seen,” Edward Park, chief investment officer at Brooks MacDonald, said in comments to the Wall Street Journal, which also noted that we should add fear of inflation.

This afternoon, the President of the United States Federal Reserve, Jerome Powell, will meet with the country’s President, Joe Biden, at the White House.

By sectors, everyone started with losses, with the highest being in the health sector (-1.82%), the industrial sector (-1.68%) and the basic commodities sector (-1.57%). Only the energy sector woke up with a gain of 1.89%.

Among Dow Jones companies, only Chevron made a profit (1.07%), while the largest losses were for Johnson & Johnson (-2.6%), Coca-Cola (-2.36%) and Honeywell (- 2.22%).

In other markets, the price of Texas oil rose to $118.97 a barrel, the 10-year US Treasury yield rose to 2.83%, gold fell to $1849.00 an ounce, and the dollar rose against the euro, at the exchange rate of 1.0706. EFE

syr / fjo / fpa

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