Wall Street ends on mixed footing as big tech outperforms the Dow
The Dow Industrials closed Friday down 474 points, 1.5%, at 30,927. The Nasdaq managed to climb 73 points, 0.6%, to 13,192, while the S&P 500 slid 18 points, 0.5%, to 3,811.
International Business Machines Corporation (NYSE:IBM) and salesforce.com inc (NYSE:CRM) shares did their part to drag down the blue chip index, losing nearly 3% and more than 6%, respectively.
12:15pm: Traders work to make sense of tech trends, positive personal income data
The Dow was down 117 points, 0.4%, to 31,285 at midday. The Nasdaq fared better, gaining 236 points, 1.8%, to 13,356, and the S&P 500 added 27 points, 0.7%, to 3,857.
Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB), Amazon.com Inc (NASDAQ:AMZN) and Alphabet Inc (NASDAQGOOG) all gained at least 1% to lift the Nasdaq, a day after the exchange’s worst selloff since October.
According to data from the Commerce Department released Friday, personal income improved 10% in January. That beat the 9.5% Dow Jones estimate, per CNBC, and followed a 0.6% decrease in December. The jump is thought to be the result of the $600 stimulus checks sent out near the end of 2020.
11am: Proactive North America headlines:
Mandalay Resources Corporation (TSE:MND) (OTCQB:MNDJF) (FRA:R7X2) says 2020 results underline sustainability of its turnaround last year
Namaste Technologies Inc (CVE:N) (FRA:M5BQ) (OTCMKTS:NXTTF) says CannMart.com website is now live in the US
Delta 9 Cannabis Inc (TSE:DN) (OTCQX:VRNDF) (FRA:V5D1) introduces province-wide delivery in Saskatchewan and one-hour pick up in Alberta
Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF) fan engagement platform enters the ring for Saul “Canelo” Álvarez vs. Avni Yildirim title fight this Saturday
Aftermath Silver Silver Ltd (CVE:AAG) (OTCQB:AAGFF) files NI 43 101 technical report on Berenguela silver-copper project in Peru
Endeavour Mining Corp (TSX:EDV) (OTCQX:EDVMF) (FRA:E5Y1 increases 2021 production guidance
Nano One Materials Corp (CVE:NNO) (OTCPINK:NOMF) (FRA:LBMB) unveils innovative new process aimed at reducing costs and carbon emissions in battery supply chain
NetCents Technology Inc (CSE:NC) (OTCQB:NTTCF) (FRA:26N) enters decentralized finance space via agreement with crypto company Vesto
Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCPINK:NSPDF) (FRA:50N) appeals Federal Court of Canada’s NATERA trademark decision.
Revive Therapeutics Ltd (CSE:RVV) (OTCMKTS:RVVTF) (FRA:31R) to add more clinical trial sites for its Phase 3 trial of Bucillamine in coronavirus
Byrna Technologies Inc (CSE:BYRN) (OTCQB:BYRN) delivers strongest quarterly revenue of US$11 million thanks to demand for its security devices
The Valens Company (TSE:VLNS) (OTCQX:VLNCF) (FRA:7LV) target price raised to $3.75 at Stifel Nicolaus Canada
9.40am: Wall Street mostly higher
Despite concerns over US Treasury yields, the main indices on Wall Street managed to start mostly higher on Friday morning.
Shortly after the opening bell, the S&P 500 was up 0.43% at 3,845 while the Nasdaq rose 1.01% to 13,251. The Dow Jones Industrial Average was the negative outlier, sliding 0.23% to 31,330 in early deals.
Sentiment may have been lifted somewhat by a rebound in US consumer spending, with data showing a 2.4% rise last month, catalysed by spending on recreational goods, vehicles, food and beverages.
Personal incomes also surged 10% in January after the round of US$600 stimulus cheques made their way into Americans’ bank accounts.
7:35am: Wall Street expected to start lower
Wall Street is expected to follow the lead of other global markets on Friday by opening on the back foot.
Futures are pointing at a negative open for the S&P 500, the Dow Jones Industrial Average and the Nasdaq as stock markets across the world are put under pressure by a surge in ten-year gilt yields, which have touched a one-year high of more than 0.80% this week, despite Fed Chair Jerome Powell confirming interest rates will remain low.
“I expect we’ll see a lot more of this from central banks in the coming weeks if stocks go into freefall. Despite a couple of days of losses, we’re very much not in that territory yet – this is not a taper tantrum – and policymakers may be perfectly comfortable with what’s happening,” said Craig Erlam at OANDA.
“We are heading for a super-charged recovery, after all, thanks to the vaccine rollout and all the fiscal support measures over the last 12 months. Not to mention the desperation of people to escape their now beautifully decorated homes.”
“Investors should not need the central bank to hold their hand much longer and I expect by the end of the year, taper discussions will and should be starting. Of course, a lot can happen in that time and maybe that’s too optimistic at this stage but the point is simple.”
Four things to watch for on Friday:
- Some large caps making an appearance in the earnings diary at the end of the week include energy company Public Service Enterprise Group Inc (NYSE:PEG), sports betting operator Draftkings Inc (NASDAQ:DKNG) and Kansas-focused utility group Evergy Inc (NYSE:EVRG)
- Shares in Pfizer Inc (NYSE:PFE) may also be in focus following a new study that showed the pharma firm’s coronavirus vaccine, made in partnership BioNTech, dramatically reduces transmission of the virus after the first dose
- Also in focus will be accommodation booking platform Airbnb Inc (NASDAQ:ABNB) after the company reported fourth quarter revenues that bear expectations but will still down sharply on the same period a year ago amid a collapse in tourism during the pandemic
- On the macro front, investors will be keeping an eye on US personal income data for January, while the latest Chicago PMI and Michigan consumer sentiment for February may also provide some insight
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/942437/wall-street-ends-on-mixed-footing-as-big-tech-outperforms-the-dow-942437.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
