End of the rally? After three days of going up, Dow went down 0.55% today closing at $57.88

Published: January 25 2023, 21:11 GMT+0

End of the rally? After three days of going up, Dow went down 0.55% today closing at $57.88

Today at a glance: the chemicals company found support around the $57.88 level, after closing yesterday at $58.2 and dropping by 0.55% today.

Data from United States concerning Crude Oil Inventories was released today at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 8.41 million to 533,000 this month.

While price action maintains a negative bias, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Dow was not the only decliner in the materials sector; Linde closed at $326.36 (down 0.69%).

On the other hand, positive performances could be seen by looking at other materials stocks as BHP Billiton was up 1.44%. Rio Tinto traded at $79.88 after closing today's trading day at $79 (up 1.12%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available tomorrow at 13:30 UTC. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 2.6, following on from the preceding figure of 3.2. New data is set to be published tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to come out at 205,000 — worse than previous data of 190,000; data will be released tomorrow at 13:30 UTC.

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

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