End of rally? After three days of gains, Dow went down 0.53% yesterday

Published: January 26 2023, 01:20 GMT+0

End of rally? After three days of gains, Dow went down 0.53% yesterday

Yesterday at a glance: the chemicals company dropped 0.53% early on and traded close to the $57.89 level.

Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

While price action maintains a negative bias, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Dow was not the only decliner in the materials sector; Linde lost 0.69% yesterday and closed at $326.36.

On the other hand, positive performances could be seen by looking at other materials stocks as BHP Billiton was up 1.43%. Rio Tinto was up 1.13%.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC.

Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

The stock has been trending positively for about 3 months. The multinational chemical corporation has gained 14.03% since its lowest print of $43.39 earlier this year.

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