US opens mixed on fears of tapering

Thursday, 09. September 2021 15:32

United States major stock markets opened mostly flat on Thursday following the European Central Bank's decision to lower the pace of asset purchasing under the pandemic emergency purchase program (PEPP). Investors expressed concerns that Federal Reserve could echo the ruling as filings for jobless benefits have fallen to a fresh pandemic low signing the Delta variant isn't causing massive layoffs.

On the other hand, Fed's Raphael Bostic shared that Delta has affected the speed of the recovery, but it hasn't stopped it or reversed it. In its latest Beige Book, the central bank cited a slight downshift in economic growth, mostly influenced by supply disruptions and labor shortages.

The Dow Jones opened flat but grew by 0.25% in the first half-hour of trading as Nike progressed by 2.31%, while the S&P 500 was 0.05% in the red, but soon reversed to 0.20% above flatline led by Moderna climbing by 3.88%. The Nasdaq 100 gained 0.14% with Lululemon soaring 12.43% following its earnings report. The euro remained mostly unchanged against the dollar, exchanging hands for $1.18194 at 9:35 am ET.

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Breaking the News / LH