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US stock futures are trading mixed, with the Dow giving up some of Monday’s gains.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: 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 on Monday, the S&P 500 rose 0.7% to 3,368.94 after falling 0.5% in early trading, widening its winning streak to a fifth day. Technological stocks, airlines, travelers and other businesses that rely on consumer spending have helped boost the market. Banks and energy supplies were the only ones left behind.
Wall Street is watching the bond market, where yields have retreated slightly from Friday’s sharp rise. Investors are also focusing on restoring the US and world economy from the coronavirus pandemic. The $ 1.9 billion bailout package for the U.S. economy boosted 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 Wall Street’s opening clock on Tuesday, the Dow was down, while the tech Nasdaq was in a positive area. The S&P 500 staggers just above the positive line.
President Joe Biden’s pledge to be eligible for all Americans by May 1 should also lead to faster economic growth.
The Dow Jones industrial average rose 0.5% to 32,953.46. Both indices reached an all-time high, and the eclipse records set on Friday.
US stock futures are trading mixed, with the Dow giving up some of Monday’s gains. (Colin Ziemer / New York Stock Exchange via AP)
The technically heavy Nasdaq Composite added 1.1% to 13,459.71, while the Russell 2000 Index of Smaller Companies rose 0.3% to 2,360.17. The profit was enough for an all-time high.
Bond yields typed lower, and the 10-year U.S. Treasury note fell from 1.51% Monday to 1.59%. The slight decline in returns affected bank stocks, where investors made a big bet that higher returns would mean banks charging higher rates. Bank of America fell 0.5%, Wells Fargo 0.7% and Citigroup 1.3%.
Technology stocks, plagued by rising yields, have begun to climb again. Apple rose 2.4%, while Tesla Motor Co. increased by 2%. The bond market has mostly pulled technological stocks lower this year, because because yields are raising interest rates higher, it is making high-flying stocks appear.
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Some economists fear that inflation, which has been dormant for the past decade, could accelerate under the additional demand caused by an increase in government spending. Others disagree, pointing out that there are 9.5 million fewer jobs in the US economy than there were before the pandemic, claiming that unemployment will keep a lid on inflation.
United Airlines rose 8.3% for the biggest gain in the S&P 500, while American Airlines rose 7.7%. Delta Air Lines rose 2.3% and JetBlue Airways climbed 5.9%. The rally in airline shares took place when the Transport Security Administration on Friday and Sunday selected more than 1.3 million people, most devastating since the outbreak of the coronavirus a year ago.
Meanwhile, Asian stocks rose on Tuesday, applauded by a march to everyday highs on Wall Street.
Japan’s benchmark Nikkei 225 rose 0.5% to 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. Hang Seng in Hong Kong rose 0.3% to 28,929.99, while the Shanghai Composite recovered losses earlier, rising 0.5% to 3,436.19.
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The slower action of the coronavirus vaccine in Asia, compared to the US and Europe, still puts investors in the region in a warning mode, although South Korea, Taiwan, Japan and other countries have had fewer deaths.
With the weight on sentiment, the news is that the AstraZeneca vaccine ‘had blood clots after use, even though it was a side effect, resulting in a’ preventive ‘suspension in Europe’, said Venkateswaran Lavanya of Mizuho Bank in Singapore.
“This has made the progress of vaccinating Europe even stronger compared to the US,” Lavanya said in a report.
The news is also bad for Japan. Japan has started vaccinating medical professionals with the product from Pfizer, but plans to use those from Moderna as well as AstraZeneca. The AstraZeneca vaccines would be manufactured in Japan, unlike the other two brands.
In energy trading, standard U.S. crude oil lost 63 cents to $ 64.76 a barrel of electronic trading on the New York Mercantile Exchange. It 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 rose to 109.14 Japanese yen from 109.13 yen. The euro cost $ 1.1934, compared to $ 1.1928. __ AP’s business writers Damian J. Troise and Alex Veiga contributed.