Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

US stocks mixed at lunch as banks weigh on Dow Jones, but resource shares on the up

% of readers think this story is Fact. Add your two cents.

12.20pm: US benchmarks mixed

US stocks were mixed at mid-session with the Dow Jones Industrial Average heading south as big banks weighed but the other two major benchmarks went higher.

It came after the US central bank said it would not extend temporary relief from capital-requirement rules for banks. Goldman Sachs Group (NYSE:GS) dropped 1.15% to US$344, while Wells Fargo (NYSE:WFC) dropped 2.21% to US$39.93.

The Dow Jones sank over 141 points at 32,720, while the S&P 500 gained almost five points at 3,920. The tech-laden Nasdaq added nearly 102 points to 13,218.

Chris Beauchamp, analyst at online tradig group IG noted: “Oil and energy stocks have supported US indices this afternoon after crude prices picked up some gains following on from the miserable session for the commodity yesterday on fears that the rise in US stockpiles, coupled with a stronger dollar, would remove many of the reasons to have been long crude oil since November.

“Risk assets are rounding out the week on a stronger note than many would have expected yesterday, when it seemed like an avalanche of selling was about to develop, but with a mostly empty calendar next week they might find it hard to sustain these gains for much longer.”

9.45am: Proactive North America headlines:

Karora Resources Inc (TSE:KRR) (OTCMKTS:KRRGF) (FRA:5RN1) posts record net earnings for 2020, beats annual all-in-sustaining-cost guidance

Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCMKTS:NSPDF) brings in further C$612,865 cash from warrant exercise

Bragg Gaming Group Inc (TSE:BRAG) (OTCMKTS:BRGGF) says subsidiary ORYX Gaming has entered Swiss market by going live with Grand Casino Luzern’s online brand

Victory Resources Corporation (CSE:VR) (OTCMKTS:VRCFF) (FRA:VR62) stakes the Black Diablo property in Nevada

Empower Clinics Inc (CSE:CBDT) (OTCQB:EPWCF) nets $12 million from warrant exercise, reveals expansion plans for KAI Medical Laboratory and Ontario clinics

Revive Therapeutics Ltd (CSE:RVV) (OTCMKTS:RVVTF) announces positive results in pre-clinical study of psilocybin to treat mild traumatic brain injury in mice

9.35am: Wall Street starts mostly lower

The main indices on Wall Street opened on a mostly lower footing on Friday, although the Nasdaq managed to buck the trend by pushing higher in early deals.

Shortly after the opening bell, the tech-heavy index was up 0.39% at 13,166 while the Dow Jones Industrial Average was down 0.3% at 32,770 and the S&P 500 dropped 0.03% to 3,914.

Despite expectations of a higher open, rising bond yields may still be rattling equities traders alongside the usual end of week malaise.

8:20am: Wall Street to start higher

US futures are pointing at a higher start, but tech stocks are once again under pressure amid rising bond yields and increased expectations for higher interest rates.

Nonetheless, tech-rich Nasdaq is called 72 points higher, while the Dow Jones and the S&P 500 are expected to add 16 and 7 points respectively.

“After yields surged to a 14-month high yesterday, dragging the tech-heavy Nasdaq sharply lower, today’s pause in the bond-market sell-off is seeing demand for tech stocks rebound,” said Sophie Griffiths, analyst at OANDA.

“With little on the US economic calendar to distract investors, sentiment and inflation expectations will be under the spotlight. As long as 10-year treasury yields can remain depressed around the 1.70% level, we could be looking at a more upbeat end to the week.”

In company news, FedEx reaped the benefits of the shift to online shopping and posted a 23% jump in fourth-quarter revenue to US$21.5bn, much higher than the US$19.9bn forecast, though bad weather caused a US$350mln drop in operating income.

The delivery company expects international express solutions and e-commerce demand to stay strong in the short-term even as restrictions are eased.

Four things to watch for on Friday:

  • There’s very little in the earnings diary for Friday, however, investors will be keeping an eye on post-results share price reaction from both Nike Inc (NYSE:NKE) and FedEx Corp (NYSE:FDX)
  • Winemaker Duckhorn Portfolio Inc (NYSE:NAPA) could also draw attention again following yesterday’s IPO which saw it make a strong start to life as a public company
  • Banking giant Goldman Sachs Group Inc (NYSE:GS) may also find itself in the spotlight amid a revolt from some of its junior bankers over its incredibly long working hours
  • The political realm could also draw attention as the US and China continue their contentious summit in Alaska

Story by ProactiveInvestors


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.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.