After falling for two consecutive trading days, the S&P 500 was mixed on June 22 and ended the day almost flat. On June 21, seven out of 11 of the S&P 500’s major sectors closed the day with losses. The fall in the consumer staples and financials sectors weighed on the market on June 22. The rally in the healthcare sector supported markets and limited the losses.
The rally in oil prices and the unveiling of the new medical bill draft were the major events that drove US markets on June 22. After falling for three consecutive trading days, crude oil prices rebounded on June 22. Some of the energy companies regained strength. The S&P 500 energy sector closed the day with a slight loss of 0.13%. On Thursday, Senate Republicans presented the draft of the medical bill to replace Obamacare, which boosted the healthcare industry’s strength.
The S&P 500 opened with strength on Wednesday but fell as the day progressed. The S&P 500 VIX Index (CBOE Volatility Index) measures uncertainty in the market. On Wednesday, it fell 2.5% to 10.48. The VIX Index is measured on a scale of 1–100 with 20 as the historical average. It’s also called the “fear index.” Generally, it moves opposite to stocks’ movements and rises when the S&P 500 falls.
NASDAQ and Dow
Similar to the S&P 500, NASDAQ and Dow started June 22 with positive momentum but fell as the day progressed. The rebound in energy shares and rally in healthcare supported the NASDAQ Composite Index. On June 22, the NASDAQ Composite Index rose 0.04% and closed the day at 6,236.69. The Dow Jones Industrial Average fell 0.06% and closed at 21,397.29.
In the next part, we’ll discuss Wall Street’s top and bottom performers on June 22.