Wall Street mixed at midday, major indices flat after record Monday
The Dow was down 22 points, less than 0.1%, at 33,505 a quarter after noon. The tech-centric Nasdaq fared better, picking up 58 points, 0.4%, to 13,763, and the S&P 500 gained 7 points, 0.2%, to 4,084.
“US markets struggled to maintain the bullish momentum seen throughout yesterday’s session. The dollar has been under pressure after a period of outperformance, with weakness for the greenback helping to lift commodity prices,” IG Senior Market Analyst Joshua Mahony wrote. “The recent pullback in treasury yields has provided a brief period of strength for precious metals, with gold continuing to build on the gains seen over the past week.”
Reopening plays, such as airlnes, continued largely to improve. Southwest Airlines Co (NYSE:LUV) and Delta Air Lines Inc (NYSE:DAL) each added more than 2%.
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9.40am: Wall Street starts on back foot
The main indices on Wall Street got off to a negative start on Tuesday as markets fell back from yesterday’s record performances.
Shortly after the opening bell, the Dow Jones Industrial Average was down 0.21% at 33,457 while the S&P 500 dropped 0.16% to 4,071 and the Nasdaq fell 0.13% to 13,688.
There is little to get markets excited this morning, however, one early winner was California-based drugmaker Catalent Inc (NYSE:CTLT), which rose 0.8% to US$106.57 after reports it has agreed to double production of Moderna Inc’s (NASDAQ:MRNA) COVID-19 vaccine.
8:00am: Wall Street to start lower
US markets are expected to pause for breath in Tuesday’s session after hitting record highs yesterday.
Positive US payroll numbers on Friday and strong service sector figures on Monday helped Wall Street’s rise, but with little on the agenda now apart from job openings and the latest IMF economic forecasts, investors are likely to hold back today.
Sophie Griffiths at Oanda said: “US futures are pointing to a slightly downbeat open after the Dow Jones and the S&P 500 reached all-time highs in the previous session. The economic calendar is relatively quiet, with JOLTS job openings taking centre stage.”
The Dow is forecast to open 30 points or 0.11% lower, with the S&P down 0.18% and the Nasdaq off 0.26%.
Four things to watch for on Tuesday:
- The earnings diary is due to see figures today for payroll services group Paychex Inc (NASDAQ:PAYX), irrigation systems maker Lindsay Corp (NYSE:LNN) and computer memory storage specialist SMART Global Holdings Inc (NASDAQ:SGH)
- Drugmaker Catalent Inc (NYSE:CTLT) will also be in focus following reports it has agreed to double production of Moderna Inc’s (NASDAQ:MRNA) COVID-19 vaccine
- Reddit darling GameStop Corp (NYSE:GME) could also attract some attention following the announcement of its planned share sale, through which it is aiming to raise up to US$1bn
- On the macro front, investors may be keeping an eye on the latest consumer inflation expectations data as well as economic optimism and job openings figures
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/945771/wall-street-mixed-at-midday-major-indices-flat-after-record-monday-945771.html
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