After briefly hitting a record high after the opening bell on Wednesday, the S&P 500 fell as data showed that consumer prices had climbed, then reversed course slightly in the afternoon session.
Figures released by the Labor Department today highlighted that consumer prices increased by 0.3% in January from a revised sum of 0.2% in December.
Many also attribute the decline to the fact that traders may have closed some of their positions as they wait to hear from Federal Reserve Chair, Jerome Powell who is set to speak later today.
The Dow Jones managed to increase despite the uncertainty and was trading 0.27% higher, while the S&P 500 and NASDAQ were up 0.11% and 0.10% of writing.
DAX falls with Germany set to extend lockdowns
Reports from Germany today suggest that Europe’s largest economy could be set for challenges, as the country is to extend national lockdown restrictions
Germany, like much of the continent has battled with the COVID-19 pandemic, and after getting set to ease shutdowns, has decided to reconsider the move.
The country is now set to remain under national restrictions until March 14th, where it will look to re-evaluate the measures.
News of this comes as concerns in Germany grow over the spread of more contagious variants of the virus, in particular the strain discovered in the UK.
Although cases of the coronavirus have been falling, 8,072 new cases were recorded today with 813 deaths.
The DAX 30 was down 0.56% on the news.
Twitter shares fly after beating earnings expectations
The Twitter stock traded higher on Wednesday as the markets reacted to the news that the company had outperformed earnings expectations.
The social media giant had its earnings call after yesterday’s closing bell and reported earnings per share of 38 cents, versus expectations of 31 cents.
Overall revenue also beat forecasts, coming in at $1.29 billion versus $1.19 billion.
It was also reported that CEO, Jack Dorsey made reference to the banning of Donald Trump on the platform, stating that “We’re a platform that is obviously much larger than any one topic or any one account”.
Shares in the company were up by over 10.21% as of writing.
Quote of the day – “Focus, patience, wise discernment, non-attachment – the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”Yvan Byeajee
To stay up to date with the markets we encourage traders to view our Trade Gate Hub for more real time insights into Crude, Gold and many other markets.
Senior Market Analyst