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US futures futures traded lower ahead of Monday’s Wall Street session, as the earnings season unofficially kicks off in the first quarter of this week when many of the major banks post their results from January to March.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 33800.6 | +297.03 | + 0.89% |
| SP500 | S&P 500 | 4128.8 | +31.63 | + 0.77% |
| I: COMP | after | after | after | after |
Last week ended strongly on Wall Street, where the rise in technology and healthcare stocks propelled the S&P 500 and Dow Jones Industrial Average to a new record high.
A moderate bond yield has helped restore confidence that the Federal Reserve will soon move to raise interest rates to keep inflation in check as the economy recovers from the shocks of the pandemic.
BITCOIN AGAIN OVER $ 60,000 SPEAKING OF REDUCED SUPPLY
On Friday, the S&P 500 rose 0.8% for its fourth record high this week, closing at 4128.80. The Dow rose 0.9% to 33,800.60, while the Nasdaq Composition rose 0.5% to 13,900.19.
Small business stocks, which outperformed the broader market this year, lagged behind on Friday. The Russell 2000 Index of Smaller Companies rose less than 0.1% to 2,243.47.
U.S. stock futures traded lower ahead of Monday’s Wall Street session, as the first-quarter earnings season kicks off unofficially this week as many of the major banks post their January-March results. REUTERS / Brendan McDermid
The yield on the ten-year U.S. Treasury note, which affects interest rates on mortgages and other loans, was 1.65%. It ended at 1.66% on Friday and was up 1.75% last Monday.
Investors are showing cautious optimism about the economic recovery, especially in the US, where the distribution of vaccines is increasing, and President Joe Biden has extended the deadline for states to make doses available to all adults to April 19.
Investors are focusing on quarterly results as the earnings season progresses. The major banks are among the first to report their results, including JPMorgan, Wells Fargo and Bank of America. Analysts from FactSet increased their profit forecasts during the quarter. They expect growth of just over 24% compared to the September view that companies in the S&P 500 will see 13% growth.
Meanwhile, Asian stocks were lower on Monday as investors became wary of the recent increase in coronavirus cases in many places, while the vaccination effort is barely progressing.
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Shares fell in Tokyo, Shanghai, Hong Kong and Sydney.
But in Asia, a revival of infections is undermining confidence in the trajectory.
China’s top disease control official said over the weekend that the effectiveness of Chinese coronavirus vaccines was low and the government was considering mixing it up to boost it. This was a rare recognition and it comes as the country continues to break out of the virus first reported in the central Chinese city of Wuhan.
Japan is struggling to control infections as it prepares to host the 2020 Tokyo Olympics. Thai health officials warn that the daily rate of new infections could reach 28,000 if no urgent measures are taken to counter the country’s worst outbreak so far.
“The explosion of vaccines remains slow in Asia, but what is more important is a renewed deviation in cases of viruses, with second waves taking hold in India, the Philippines and now Thailand,” Stephen Innes of Axi said in a statement. report said. It “keeps the global travel prospects in check,” he said.
In early trading on Monday, the Nikkei 225 in Tokyo lost 0.8% to 29,538.73 and the South Korean Kospi rose 0.1% to 3,135.59. In Hong Kong, the Hang Seng Index fell 1% to 28,411.50. Australia’s S & P / ASX 200 fell 0.3% to 6,974.00 and the Shanghai Composite Index sank 1.1% to 3,407.34.
India’s Sensex fell 3.5% to 47,884.90. The coronavirus outbreaks in the country have been roaring back and surpassing the vaccination progress of 1.4 billion people.
Shares in SK Innovation Co., South Korea, rose 12% after reaching a settlement in a trade dispute with rival LG Energy Solution. The companies have pledged to work together to strengthen the EV battery supply chain in the US, and to continue plans to manufacture batteries in Georgia in what President Joe Biden calls “a victory for American workers and the American automotive industry” .
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Chinese e-commerce giant Alibaba’s shares were up 7.7% after the company said it was fined $ 2.8 billion for competitive behavior. The punishment was lower than feared, as the ruling Communist Party tightened control over fast-growing technology industries.
In other trades, the U.S. crude oil benchmark dropped 22 cents to $ 59.10 a barrel in electronic trading on the New York Mercantile Exchange. It lost 28 cents to $ 59.32 a barrel on Friday. Brent crude, the international standard, lost 25 cents to $ 62.70 a barrel.
The US dollar bought 109.53 Japanese yen, up from 109.71 yen on Friday. The euro slipped from $ 1.1899 to $ 1.1890.