US markets decline one day after new records are set

U.S. stock futures traded lower ahead of Tuesday’s Wall Street session, even though the U.S. government reported that employers had a wage in March and added 916,000 jobs, the most since August.

Ticker	Safety	Last	Alter	Alter%
Ek: DJI	DOW JONES AVERAGE	33527.19	+373.98	+ 1.13%
SP500	S&P 500	4077.91	+58.04	+ 1.44%
I: COMP	after	after	after	after

On Wall Street, the S&P 500 rose 1.4% to 4,077.91, another record high. The Dow Jones industrial average rose 379 points, or 1.2%, to 33,527.19 and the Nasdaq was 1.6% higher, at 13,705.59.

Traders had a delayed response to the encouraging job report, which was released on Friday when stock trading closed. Investors were further encouraged by a report showing on Monday that the services sector recorded record growth in March as orders, rents and prices rose.

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Both employment and the service industry lagged behind other parts of the economy during the recovery period. Analysts said both must show signs of growth to keep the recovery afloat. In the US, the strong vaccination rate for many people seems to be clearer and closer to normal again.

“The job report highlighted the rebound in the labor market,” said Quincy Krosby, chief market strategist at Prudential Financial. “The only thing that can stimulate this setback, this recovery, is for COVID-19 to start another wave.”

Profits were broad on Monday, with almost every sector rising. Companies benefiting from a broader reopening of the economy and economic growth have also performed well. Norwegian Cruise Line jumped 7.2% for the biggest gain in the S&P 500 as it seeks permission to resume sailing from US ports in July, with the vaccination for passengers and crew. Competitive Carnival rose by 4.8% and Royal Caribbean by 3.5%.

Technology stocks also improved profits. Apple rose 2.1% and Microsoft rose 2.5%. Tesla surprised investors with a report that vehicle deliveries doubled during the first quarter. Its shares rose 5.1%.

Meanwhile, Asian stocks were mixed on Tuesday after Wall Street rallies on Monday reflecting some optimism about the economy recovering from the pandemic.

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Japan’s benchmark, Nikkei 225, lost early gains, dropping 1.3% to 29,696.63. Australia’s S & P / ASX 200 rose 0.8% to 6,885.90. South Korea’s Kospi rose 0.2% to 3,126.72. The Shanghai compound increased less than 0.1% to 3,486.22. Trade in Hong Kong was closed for Easter.

Yoshimasa Maruyama, chief marketing officer of SMBC Nikko, noted that a gradual recovery in the Japanese economy is reflected in the recent ‘tankan’ Bank of Japan survey, released last week. He said that a setback in electronics was marked because households were consuming electronic goods, because the pandemic had hampered the spending of people on services.

Expenditure on household expenditure announced on Tuesday showed a decline of 6.6% in February, with dining, clothing, transport and entertainment falling sharply.

Deep concern exists over the pandemic, with medical experts warning Japan to warn of a ‘fourth wave’ of increasing infections and deaths related to COVID-19, as the country is in the test and vaccinations behind the rest of the world has fallen behind.

Similar outbreaks have flared up in other countries, including India and Thailand.

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In energy trading, standard U.S. crude added 80 cents to $ 59.45 a barrel in electronic trading on the New York Mercantile Exchange. It dropped $ 2.80 to $ 58.65 a barrel on Monday. Brent crude, the international standard, rose 77 cents to $ 62.92 a barrel.

In currency trading, the US dollar rose to 110.26 Japanese yen from 110.19 yen. The euro cost $ 1.1811, compared to $ 1.1813.