The Wall Street closed mixed, but the Nasdaq and S&P 500 posted new records on Monday. It followed the Fed’s Chairman Jerome Powell’s dovish speech.
The Dow Jones slipped by 0.2% or 56 points, to 35,399. Meanwhile, the S&P 500 gained 0.4% or 319.42 points, to 4,528.89. The Nasdaq climbed by 0.9% or 136.39 points to 15,265.89.
The financial sector posted the most significant drop. Capital One lost more than 6%, and Wells Fargo slipped by 2.8%.
Airlines were also affected after the EU proposal to member states to re-include in the list of countries to which non-essential travel is not recommended.
The popular US brokerage application Robinhood also experienced a bad day, plunging by around 7%. It followed the SEC’s Gary Gensler’s speech that it was not ruled out to ban the controversial tool.
As for the records Wall Street indicators reached, according to analysts, they have been produced by the good corporate results presented this season.
Reopening could lead to higher earnings for stocks
LPL Financial Director of Markets Strategy Ryan Detrick stated that risks such as the Delta variant, supply chain disruptions, or inflation pressure, particularly on wages, cannot be discounted. However, the efficiency of US companies and the strength of reopening could lead to higher earnings for stocks.
More than half of the sectors ended the day with gains. Real estate led the advances by adding 1.15%. Meanwhile, the technology sector increased by 1.09%, and non-essential consumer goods expanded by 0.92%. In contrast, the financial, energy, and raw materials sectors led the losses.
Among the 30 prominent companies listed on the Dow Jones, the profits of Apple were significant. The company surged by 3.04%. Meanwhile, Microsoft gained a solid 1.29%, and Home Depot climbed by 1.15%. American Express was the most affected of the day, losing 2.60%. Boeing followed sliding by 1.84%, and Travelers, yielding 1.63%.
The Nikkei average was significantly firmer today and was pushed up by brands like Fast Retailing and East Electrabel. It edged up by 1.08% or 300.25 points and ended at 28,089.54.
The trading volume of the first section was 1,235,240,000 shares, and the trading value was 3,013.7 billion yen.
By industry, the shipping, steel, and precision equipment had the highest rate of increase. On the other hand, the air transportation, land transportation, and electricity/gas industry had the highest rate of decline.
The Tokyo stock market started the day with losses, weighed down by the declines on Wall Street. The Nikkei entered positive territory after the mid-session pause and finished with a solid gain thanks to investors’ appetite for bargains.
Among the equities with the highest market capitalization, the technological Softbank increased by 0.47%. The Japanese automobile leader, Toyota Motor gained 0.60%.
The consumer electronics corporation Sony also added 1.11%. Meanwhile, the manufacturer of components for semiconductors Tokyo Electron advanced by 1.43%.
As for Fast Retailing, the multinational textile company gained 2.09%.
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