Stocks started the week with an up-and-down session on Wall Street on Monday in New York as investors prepare for another busy week of corporate earnings.
The S&P 500 closed 0.5 per cent lower after a late fade. Even though the index was roughly split between gainers and losers, declines in several tech giants including Facebook, Google’s parent company and Microsoft pulled the overall index lower. The Australian sharemarket is set for a negative start to the session, with futures at 7.59am AEDT pointing to a loss of 11 points, or 0.2 per cent, at the open.
Wall Street has made an uncertain start to the week. Credit:Bloomberg
The Dow Jones Industrial Average closed flat and the Nasdaq lost 0.6 per cent. Small-company stocks bucked the downward trend and moved higher.
Technology stocks, which have have a strong impact on the broader market because of their outsized values, were mixed.
Bond yields were relatively stable. The yield on the 10-year Treasury remained at 1.93 per cent from late Friday.
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Wall Street is coming off of two weeks of gains following a January stumble that served partially as a “pressure relief valve,” said Mark Hackett, chief of investment research at Nationwide.
“Some of the emotion that we’ve been dealing with in the first several weeks of the year has started to ease,” he said. “You almost needed that; the expectations had been so high.”
Investors are still gauging the impact of rising inflation on businesses and consumers while remaining cautious about the Federal Reserve’s plan to fight inflation. Investors will get another key update on inflation Thursday with the Labor Department’s report on consumer prices for January.
ASX set to slide as Wall Street swings lower
Source: Philippines Alive
