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U.S. stock futures are being traded mixed, with the Dow yielding some of Monday’s gains.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 32953.46 | +174.82 | + 0.53% |
| SP500 | S&P 500 | 3968.94 | +25.60 | + 0.65% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13459.707589 | +139.84 | + 1.05% |
On Wall Street Monday, the S&P 500 rose 0.7% to 3,368.94, after falling 0.5% at the beginning of the session, extending its winning streak to the fifth day. Technology stocks, airlines, cruise operators and other companies that depend on consumer spending have helped to raise the market. Banks and energy stocks were the only laggards.
Wall Street continues to keep an eye on the bond market, where yields have retreated somewhat from Friday’s sharp rise. Investors are also focused on recovering from the coronavirus pandemic in the United States and in global economies. The $ 1.9 trillion aid package for the US economy increased investor confidence in a strong recovery from the pandemic in the second half of the year, but also raised concerns about a potential jump in inflation.
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Hours before the opening bell on Wall Street on Tuesday, the Dow was down, while the high-tech Nasdaq was in positive territory. The S&P 500 was oscillating just above the positive line.
President Joe Biden’s promise to expand the vaccine’s eligibility to all Americans by May 1 should also translate into faster economic growth.
The Dow Jones Industrial Average gained 0.5% to 32,953.46. Both indexes reached historical records, surpassing the records established on Friday.
U.S. stock futures are being traded mixed, with the Dow yielding some of Monday’s gains. (Colin Ziemer / New York Stock Exchange via AP)
The high-tech Nasdaq Composite added 1.1% to 13,459.71, while the Russell 2000 index of smaller companies rose 0.3% to 2,360.17. This gain was enough for a historic record.
Bond yields fell, with the 10-year US Treasury note falling from 1.61% to 1.59% on Monday. The slight drop in yields has affected banks’ stocks, where investors have placed big bets that higher yields would translate into banks charging borrowers higher rates. Bank of America fell 0.5%, Wells Fargo fell 0.7% and Citigroup lost 1.3%.
Technology stocks, which were hampered by the increase in bond yields, rose again. Apple rose 2.4%, while Tesla Motor Co. gained 2%. The bond market has mainly pushed technology stocks down this year, because as yields raise interest rates, they make rising stocks look expensive.
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Some economists fear that inflation, which has been latent for the past decade, may accelerate under the extra demand generated by an increase in government spending. Others disagree, pointing out that there are 9.5 million fewer jobs in the American economy than before the pandemic, and argue that unemployment will keep inflation under control.
United Airlines was up 8.3% for the biggest gain on the S&P 500, while American Airlines was up 7.7%. Delta Air Lines rose 2.3% and JetBlue Airways rose 5.9%. The rise in airline stocks came when the Transportation Security Administration examined more than 1.3 million people on Friday and Sunday, the largest since the coronavirus outbreak that devastated travel a year ago.
Meanwhile, Asian stocks rose on Tuesday, buoyed by a rebound to historic records on Wall Street.
Japan’s Nikkei 225 index rose 0.5% to end at 29,921.09. South Korea’s Kospi added 0.7% to 3,068.21. Australia’s S & P / ASX 200 jumped 0.8% to 6,827.10. Hong Kong’s Hang Seng gained 0.3% to 28,929.99, while the Shanghai Composite recovered its previous losses and rose 0.5% to 3,436.19.
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The slower launch of the coronavirus vaccine in Asia, compared to the US and Europe, continues to put investors in the region in a warning mode, although South Korea, Taiwan, Japan and other nations have seen fewer deaths.
Weighing on the sentiment, there are reports that the AstraZeneca vaccine has had reports of “blood clots after use, whether or not it is a side effect, (which) resulted in a ‘preventive’ suspension” in Europe, “said Venkateswaran Lavanya of the Bank Mizuho in Singapore.
“This has hindered the progress of vaccination in Europe even more compared to the United States,” Lavanya said in a report.
The news is also bad for Japan. Japan started vaccinating medical professionals with the Pfizer product, but it was set to use those from Moderna and also from AstraZeneca. AstraZeneca vaccines should be produced in Japan, unlike the other two brands.
In the energy trade, US reference oil lost 63 cents to $ 64.76 a barrel in e-commerce on the New York Mercantile Exchange. He lost 22 cents to $ 65.39 on Monday. Brent crude, the international standard, fell 62 cents to $ 68.26 a barrel.
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In currency trading, the US dollar advanced from 109.13 yen to 109.14 Japanese yen. The euro cost $ 1.1934, compared to $ 1.1928. __ AP Business editors Damian J. Troise and Alex Veiga contributed.